Intel Corporation (INTC, Financial) has disclosed that its new CEO, Pat Gelsinger, will receive a compensation package valued at approximately $69 million. This package includes a base annual salary of $1 million, with the potential for a performance bonus of up to 200% of his base salary.
In addition to his salary and bonus, Gelsinger is set to receive two long-term incentive components: a $14.4 million long-term equity award and a $17 million stock performance award, both of which will vest over five years. These incentives are designed to align his interests with those of the shareholders and drive the company's long-term performance.
The compensation package also includes stock options valued at $9.6 million and a new hire option award worth $25 million. As a condition of his employment, Gelsinger has agreed to personally purchase $25 million worth of Intel shares within 30 days of taking office, demonstrating his commitment to the company.
