(Bloomberg) — Intel Corp.’s ousted Chief Executive Officer Pat Gelsinger, who was forced out after the board lost confidence in his plans to turn around the iconic chipmaker, is set to receive as much as $10 million in severance pay.
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Gelsinger will get 18 months of his base annual salary of $1.25 million and 1.5 times his current target bonus of $3.4 million, paid out over 18 months, the company said in a filing with the Securities and Exchange Commission on Tuesday. He is also eligible for a pro-rata payment of 11/12ths of his 2024 bonus, based on company performance.
Intel announced Gelsinger’s retirement on Monday, three years after he took the reins of the company. It came after the board gave him the option to retire or be removed, Bloomberg reported earlier, citing people familiar with the matter.
Intel’s shares have fallen by more than half this year.
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