Intel's former CEO, Pat Gelsinger, is set to receive a significant payout following his departure from the company. According to a filing with the Securities and Exchange Commission, Gelsinger will receive 18 months of his base annual salary of $1.25 million, along with a bonus of about $3.4 million payable over 18 months. Additionally, he will be eligible for a portion of his 2024 bonus.
In total, Gelsinger's exit package amounts to at least $10 million. He also owns approximately 646,000 shares in Intel, valued at over $14.5 million as of a recent regulatory filing.
Gelsinger took on the role of Intel's CEO in February 2021 after previously serving as the company's chief technology officer. His tenure was marked by challenges, including a significant decline in the company's stock price and intense competition in the semiconductor industry.
During his time as CEO, Intel's stock plummeted by more than 60%. The company faced issues such as production delays, talent departures, and increased competition from rivals benefiting from the AI boom. Despite efforts to revitalize the company and billions of dollars in government support for chip manufacturing, Intel struggled to regain its competitive edge.
In August, Intel announced plans to lay off 15% of its workforce as part of a cost-cutting initiative aimed at reducing expenses by $10 billion. Gelsinger's departure comes as the company seeks to navigate a challenging landscape in the semiconductor market and regain its position as a leading tech innovator.
