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 CEO Pat Gelsinger retires
Intel Corp. CEO Pat Gelsinger has retired from the company and has stepped down from the board of directors effective immediately. The move comes as Intel is under incredible pressure from external and internal forces after several rounds of layoffs and delays in its attempt to expand semiconductor manufacturing in the U.S.
Intel shares fell more than 5% on Tuesday, a day after the chipmaker announced the ouster of CEO Pat Gelsinger.
Intel Corp (NASDAQ: INTC) narrows search for new CEO, ex-board member Lip-Bu Tan a potential candidate. Struggling ...
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