Intel Corporation (INTC, Financial) has announced the appointment of Michelle Johnston Holthaus as the Chief Executive Officer of its Intel Products business, effective December 1, 2024. This strategic leadership change is accompanied by a comprehensive compensation package, as outlined in a letter agreement dated February 28, 2025.
Under the terms of the agreement, Ms. Johnston Holthaus will receive an annual base salary of $1,000,000, effective January 1, 2025. Her compensation package also includes an annual cash bonus target opportunity set at 200% of her base salary, amounting to $2,000,000. Additionally, she will benefit from an annual long-term incentive equity award with a target value of approximately $16,000,000. As part of her new role, she has been granted a one-time award of restricted stock units valued at approximately $5,000,000.
The agreement further stipulates that Ms. Johnston Holthaus will be eligible for severance benefits under the Intel Corporation Executive Severance Plan. Notably, she will also qualify for these benefits if she resigns for 'good reason' within two years following the appointment of a new Chief Executive Officer of Intel, contingent upon her execution and non-revocation of a release of claims in favor of the company.
This leadership transition marks a significant step for Intel Corporation as it continues to strengthen its executive team and drive forward its strategic objectives in the competitive semiconductor industry.
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