CEO's severance pales in comparison to Musk's billion-dollar Tesla battle
Outgoing Intel chief executive Pat Gelsinger is set to receive severance pay of around $9.7 million following his departure from the chip giant.the exit of the 40-year industry veteran in a move it hopes bolsters investor confidence in the ailing Silicon Valley biz following a year of turmoil., effective immediately, with EVP and CFO David Zinsner and CEO of Intel Products Michelle Johnston Holthaus lined up as short-term replacements.
He'll get 18 months of his current base salary of $1.25 million, equivalent to $1.875 million, as well as 1.5 times his current target bonus of 275 percent of his base salary – or $5.16 million, payable over a period of 18 months in accordance. Lastly, he'll also be eligible for 11/12ths of the 2024 annual bonus that Gelsinger would have received for 2024, which reports suggest would be $2.9 million.Intel losses hit $16.
Whatever it is, it falls well short of the package enjoyed by rival exec Lisa Su. The boss at AMD, who also chairs its board, was reported to be the highest-paid female CEO, with a total compensation of $30.3 million. However, both awards are dwarfed by the sum Elon Musk is trying to extract from Tesla, the electric car manufacturer he runs. He is claiming a package of a staggering $101 billion based on Tesla's value this week. Although the compensation was ratified by the majority of shareholders, a Delaware judge has thrown it out for a second time. She said the payment was not in shareholders' best interests and goes"against multiple strains of settled law.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Intel CEO Pat Gelsinger retires: 'Leading Intel has been the honor of my lifetime'Jacob earned his first byline writing for his own tech blog. From there, he graduated to professionally breaking things as hardware writer at PCGamesN, and would go on to run the team as hardware editor.
Read more »
Intel CEO Pat Gelsinger Steps Down AbruptlyPat Gelsinger's tenure as Intel CEO has ended unexpectedly after nearly four years. His immediate departure leaves the semiconductor giant without a clear succession plan, raising questions about internal disagreements, particularly regarding the split of the foundry business from the design company.
Read more »
Intel CEO Pat Gelsinger Steps Down Amid Company TurmoilIntel has confirmed the sudden departure of CEO Pat Gelsinger, aiming to restore investor confidence. Gelsinger will retire in December and be temporarily replaced by EVP David Zinsner and Michelle Johnston Holthaus, with Frank Yeary becoming interim executive chair.
Read more »
Intel CEO Pat Gelsinger Retires, Zinsner and Holthaus Named Interim Co-CEOsIntel CEO Pat Gelsinger has retired, with David Zinsner and Michelle Johnston Holthaus taking over as interim co-CEOs. Gelsinger's 40-year career at Intel saw significant investments in semiconductor manufacturing and innovation. The Biden administration also plans to reduce Intel's federal funding for chip plants.
Read more »
Intel CEO Pat Gelsinger to Retire, as Company Faces Leadership TransitionIntel confirms the departure of CEO Pat Gelsinger, replacing him temporarily with David Zinsner and Michelle Johnston Holthaus, as the company aims to restore investor confidence and navigate through a year of turmoil.
Read more »
Intel chief Pat Gelsinger to quit with US chipmaker in crisisSemiconductor company appoints interim co-chiefs while it searches for permanent replacement
Read more »