Lip-Bu Tan, who was named Intel's new CEO this week, will be paid a salary of $69 million (about ₹600 crore) per year, provided he reaches targets over the coming years.
Tan's pay package includes a salary of $1 million along with a 200 per cent performance-based bonus, Intel said in a filing on Friday. The pay package for the new CEO also includes $66 million in long-term equity awards and stock options and new-hire incentives.
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Lip-Bu Tan has also agreed to buy Intel shares worth $25 million in the first 30 days of taking the job. “Lip-Bu’s purchase reflects his belief in Intel and commitment to creating shareholder value,” the company said in a statement.
Tan was appointed as Intel's CEO after the company's board ousted his predecessor Pat Gelsinger. The former CEO was reportedly forced out less than four years after his appointment.
{{/usCountry}}Tan was appointed as Intel's CEO after the company's board ousted his predecessor Pat Gelsinger. The former CEO was reportedly forced out less than four years after his appointment.
{{/usCountry}}He had resigned on December 1, 2024 after a board meeting last week during which directors felt Gelsinger's costly and ambitious plan to turn Intel around was not working and the progress of change was not fast enough.
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Who is Intel's new CEO Lip-Bu Tan?
Tan is a longtime technology investor and widely respected executive with more than 20 years of semiconductor and software experience as well as deep relationships across Intel’s ecosystem.
He served as CEO of Cadence Design Systems from 2009 to 2021, where he led a reinvention of the company and drove a cultural transformation centered on customer-centric innovation. During his time as CEO, Cadence more than doubled its revenue, expanded operating margins and delivered a stock price appreciation of more than 3,200 per cent.
Tan served as a member of the Cadence board of directors for 19 years, from his appointment in 2004 through his service as executive chairman from 2021 to 2023 following his tenure as CEO.
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He is also a founding managing partner of Walden Catalyst Ventures and chairman of Walden International. He has significant public company board experience, currently serving on the boards of Credo Technology Group and Schneider Electric.
Tan holds a Bachelor of Science in physics from Nanyang Technological University in Singapore, a Master of Science in nuclear engineering from the Massachusetts Institute of Technology and an MBA from the University of San Francisco.
In 2022, he received the Robert N Noyce Award, the Semiconductor Industry Association’s highest honor.