New Era at Intel: Lip-Bu Tan Takes Helm with Ambitious Remit

Intel has appointed Lip-Bu Tan as its new CEO, who will receive a $1 million salary and up to $2 million in bonuses. Tan's contract includes a performance target and conditions for stock awards related to company control changes. He replaces Pat Gelsinger effective March 18.

Intel has named Lip-Bu Tan as its new CEO, entrusting the seasoned industry veteran with steering the company towards greater success in chip manufacturing and design. He will officially take charge on March 18, with compensation arrangements that emphasize long-term performance and adaptability to significant company changes.

Tan's employment package includes a $1 million salary and potentially $2 million in annual bonuses. A performance-related stock award condition also specifies eligibility based on potential shifts in company control, a clause absent in former CEO Pat Gelsinger's contract.

Currently, Tan remains active with startups via his venture capital firm, Walden International. This dual role echoes his deep-rooted experience in the tech sector, which fueled his candidacy after Gelsinger's recent departure.

(With inputs from agencies.)