Former Intel CEO Pat Gelsinger (pictured), who retired effective December 1, will get over $7 million in severance pay, the chipmaker disclosed in a filing with the United States Securities and Exchange Commission (SEC) on Tuesday.
Intel said Gelsinger would get 18 months of his current base salary of $1,250,000, as well as 1.5 times his current target bonus of 275% of his base salary and "a pro rata payment equal to 11/12ths of the 2024 annual bonus that would otherwise have been payable to Mr. Gelsinger absent his resignation, based on actual Company performance, as determined by the Company, and payable at the time such bonuses are otherwise payable to other executives of the Company."
On Monday, the company announced Gelsinger's retirement and noted CFO David Zinsner and Intel Products chief Michelle Johnston Holthaus will take over as interim co-CEOs until a permanent solution is found.
