Intel will pay $7M in severance to former CEO Pat Gelsinger, plus millions more in bonuses
Intel’s hiring agreement with Gelsinger promised him a severance payment of 18 months of his salary and his annual target bonus if he resigned “for good reason.” In a regulatory filing Tuesday, Intel said that it had agreed to pay him that in connection with his retirement.
Intel’s CFO has a tough new job: Serve as interim co-CEO to keep its finances from further ‘deteriorating’
Gelsinger, CEO since 2021, had a 40-plus-year career at Intel. He was betting the company on 18A, a new chipmaking process hoping it would be a viable alternative to Taiwan Semiconductor Manufacturing Co., (TSMC) the world’s leading contract manufacturer of chips, Fortune ’s Jeremy Kahn recently reported.
Intel’s stock has plummeted 61% since Gelsinger took the helm in February 2021, according to Dow Jones Market Data. The S&P ...
On Monday, Intel's interim leadership addressed outgoing CEO Pat Gelsinger's abrupt departure, in an internal meeting.
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