Intel's Former CEO Pat Gelsinger to Receive Over $7 Million in Severance Pay

Intel has disclosed in a filing with the United States Securities and Exchange Commission (SEC) that former CEO Pat Gelsinger, who retired effective December 1, will receive over $7 million in severance pay.

According to the filing, Gelsinger will receive 18 months of his current base salary of $1,250,000, as well as 1.5 times his current target bonus of 275% of his base salary. Additionally, he will receive a pro rata payment equal to 11/12ths of the 2024 annual bonus that would otherwise have been payable to him, based on actual company performance.

On Monday, Intel announced Gelsinger's retirement and noted that CFO David Zinsner and Intel Products chief Michelle Johnston Holthaus will take over as interim co-CEOs until a permanent solution is found.