Intel’s new CEO Lip-Bu Tan will receive an annual salary of $1 million and be eligible for a performance-based cash bonus of up to $2 million, according to a regulatory filing.
Tan’s appointment, announced on Wednesday, comes as Intel strives to recover from a challenging transition in its bid to establish itself as both a leading chip manufacturer and design powerhouse.
The company’s filing also revealed that Tan’s employment agreement includes a three-year performance target. Notably, he will retain two-thirds of his stock awards if a “change in control” — such as a major shift in ownership — occurs within 18 months of his tenure.