Pat Gelsinger, the former CEO of Intel (NASDAQ:INTC), is set to receive a severance package worth approximately $12 million, following his departure from the semiconductor giant.
Intel disclosed the details of the payout in a regulatory filing on Tuesday.
The severance pay for Gelsinger includes an 18-month base salary totaling $1.9 million and a bonus 1.5 times his target bonus of $3.4 million, which will also be distributed over an 18-month period.
In addition to these payments, Gelsinger will be eligible for his annual bonus for the 11 months of service as CEO in 2024, rounding up the total severance amount to the estimated $12 million.
Gelsinger's exit comes less than four years into his tenure as CEO of Intel. He was replaced by two of his subordinates while the company continues its search for a permanent successor. His resignation, effective December 1, occurred after a board meeting last week.
During this meeting, Intel's board of directors concluded that Gelsinger's expensive and comprehensive plan to revitalize the company was not yielding the desired results.
Faced with the option to retire or be dismissed, Gelsinger opted to resign from his position.
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