"Reflecting Industry Experience and Capabilities...
Most Compensation Is Stock-Based"
The salary and stock compensation package of Intel's new CEO, Pat Gelsinger, who is leading the struggling American semiconductor company, has been revealed.
According to a document Intel submitted to the U.S. Securities and Exchange Commission (SEC) on the 14th (local time), CEO Gelsinger's annual salary was set at $1 million (approximately 1.45 billion KRW).
In addition to his salary, CEO Gelsinger will receive bonuses and stock compensation in the future. The total stock compensation amounts to $66 million (approximately 95.9 billion KRW). He will receive an annual bonus of up to $2 million and a total of $14.4 million in long-term stock compensation over five years.
Furthermore, depending on performance, he is expected to receive stocks worth $17 million over five years, but if Intel's stock price falls within three years, those stocks will not be granted.
Additionally, CEO Gelsinger holds stock options worth $9.6 million and will receive stock options worth $25 million as new executive compensation.
Intel explained, "CEO Gelsinger's compensation reflects his industry experience and capabilities as a technology leader, considering market competitiveness." They added, "Most of the compensation is stock-based and linked to long-term shareholder value creation."
CEO Gelsinger is an industry veteran who served as CEO of Cadence Design Systems, a semiconductor design software company, for over 10 years. He was appointed as Intel's head about three months after former CEO Pat Gelsinger resigned.
The market expects CEO Gelsinger to revive Intel, which is facing management difficulties. On the 14th, when news of his appointment was announced, Intel's stock price surged 15%, and it rose more than 1% that day as well.
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