Intel's Former CEO Pat Gelsinger to Receive $12 Million Payout

(Reuters) – Intel (NASDAQ:INTC) former CEO Pat Gelsinger could receive as much as $12 million as a payout, according to a regulatory filing from Tuesday, after his ousting from the struggling U.S. chipmaker.

The severance payment from the company will include:
– $1.9 million as base salary for 18 months
– 1.5 times his target bonus of $3.4 million, payable over 18 months.

Gelsinger is also eligible for his annual bonus for the 11 months he served as CEO in 2024, which brings the total payout to around $12 million, as calculated by Reuters.

Gelsinger was ousted less than four years after taking the helm, with the company now searching for a permanent replacement as he hands control to two lieutenants.

He resigned on Dec. 1, after a board meeting last week where directors felt his costly and ambitious turnaround plan was unsuccessful. The board informed Gelsinger that he could retire or be removed; he opted to step down, as reported by Reuters.