Intel Corp’s newly appointed chief executive officer, Lip-Bu Tan, who was born in Malaysia, will receive a compensation package worth approximately US$69 million (RM306.71 million) if he meets performance targets over the coming years.
According to a company filing on Friday, Tan’s package includes a US$1 million base salary, a 200% performance-based bonus, and US$66 million in long-term equity awards, stock options, and hiring incentives. Additionally, Tan has committed to purchasing US$25 million worth of Intel shares within his first 30 days as CEO.
“Lip-Bu’s purchase reflects his belief in Intel and commitment to creating shareholder value,” Intel said in a statement.
Tan, 65, was named Intel’s CEO earlier this week, replacing Pat Gelsinger, who was ousted by the board. A seasoned semiconductor industry veteran and former Intel board member, Tan is now tasked with restoring the company’s dominance in the chipmaking industry.
He will officially assume the role on March 18 and will rejoin Intel’s board after stepping down in August 2024.
Following the announcement of Tan’s appointment, Intel’s stock surged 15% on Thursday, contributing to a 20% gain so far this year.
