Intel's Gelsinger Severance Package Tops $7 Million -- Market Talk
Dow Jones12-03
0748 ET - Pat Gelsinger, who abruptly resigned as CEO of Intel, won't be leaving the chip maker empty-handed. Intel says it inked a separation agreement with Gelsinger under which he'll receive 18 months of his $1.25 million base salary, along with 1.5 times his target bonus of 275% his base pay. That works out to more than $7 million, which Intel says it will pay out over 18 months. Intel says Gelsinger will also get a payment equal to 11/12ths of his 2024 annual bonus, or around $3.15 million, but noted that the bonus will be based on the company's performance.(colin.kellaher@wsj.com)
(END) Dow Jones Newswires
December 03, 2024 07:48 ET (12:48 GMT)
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