Intel's Former CEO Patrick Gelsinger to Get About $10 Million in Severance Pay

MT Newswires Live

2024-12-03

Intel's (INTC) former Chief Executive Patrick Gelsinger is set to get a severance pay of about $10 million, based on a filing with the US Securities and Exchange Commission on Tuesday.

Gelsinger, who resigned as CEO and director of the company on Sunday, will get 18 months of his current base salary of $1.25 million and 1.5 times his current target bonus of 275% of his base salary, to be paid over 18 months, according to the filing.

He will also receive a pro rata payment equal to 11/12ths of his 2024 annual bonus, based on the company's performance, among other things, Intel said in the filing.

Intel shares were down 3.3% in recent Tuesday trading.

Price: 23.13, Change: -0.80, Percent Change: -3.34

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