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.
Over the weekend, Intel announced the retirement of its CEO Pat Gelsinger who has been in the role since February 2021.
On Monday, Intel's interim leadership addressed outgoing CEO Pat Gelsinger's abrupt departure, in an internal meeting.
Intel shares fell more than 5% on Tuesday, a day after the chipmaker announced the ouster of CEO Pat Gelsinger.
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