(Big News Hub) – U.S. semiconductor firm Intel announced that their newly appointed CEO, Lip-Bu Tan, will get an initial annual base salary of $1 million, as stated in a regulatory document filed on Friday.
Tan, who assumes responsibility on March 18, will additionally qualify for an annual cash incentive with a targeted payment of up to twice his basic salary.
On Wednesday, Intel appointed Tan as their new CEO. As a previous member of the Intel board, he was considered a strong candidate for this position due to his extensive background in the semiconductor sector and his history of investing in innovative start-ups with high potential.
Intel is experiencing a significant transformation as it strives to recover from one of its most challenging times.
(Bhanvi Satija reported from Bengaluru; Edited by Arun Koyyur)
