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Ex-Intel CEO Pat Gelsinger might receive $12m severance
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Ex-Intel CEO Pat Gelsinger might receive $12m severance

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Former Intel CEO Pat Gelsinger may receive a severance package amounting to US$12 million following his resignation, as disclosed in a regulatory filing Tuesday.

The severance package is set to include US$1.9 million in base salary spread over 18 months along with 1.5 times his target bonus of US$3.4 million, paid over the same period.

Gelsinger resigned on December 1. His resignation came after a board meeting where directors reportedly showed dissatisfaction with his strategy to turn around the struggling chipmaker.

Recent Intel developments

Timeline
03-Dec-2024 📈 Intel names interim co-CEOs as Gelsinger steps down
  • CEO Pat Gelsinger retires; interim CEOs named
  • Intel shares rise nearly 3% in premarket trading
26-Nov-2024 💰 Intel nears $8b Chips Act grant amid financial woes
  • Intel nearing $8B grant from Chips Act.
  • Funding supports semiconductor manufacturing expansion.
29-Oct-2024 ☕ Intel cuts Israeli jobs, ends free office perks
  • No more free coffee at Intel Israel by 2024
  • 15,000 job cuts begin this week, layoffs underway
29-Oct-2024 💻 Intel invests $300m in Chengdu chip packaging facility
  • Intel invests $300M in Chengdu chip facility
  • Aims to boost packaging capacity amid competition
17-Oct-2024 🔍 Intel faces security review in China
  • Intel commits to product safety review in China
  • Chinese market represents 25% of Intel’s revenue
17-Oct-2024 🤝 Intel, AMD join forces to improve software compatibility

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