Latest News

: Intel CEO Gelsinger’s ‘significant’ new-hire awards lead to near-$180 million windfall in 2021

0

Pat Gelsinger had a very, very good year in 2021.

He started the year as VMware Inc.’s
VMW,
-2.47%

chief executive officer, where he took in total compensation of $16.5 million during the fiscal year ended Jan. 29, 2021.

Then Gelsinger was named Intel Corp.’s
INTC,
-0.83%

CEO, effective Feb. 15.

In Intel’s 2021 proxy statement filed early Wednesday, the semiconductor giant said Gelsinger’s total compensation for the year was $178.6 million, basically for 10 1/2 months work.

The compensation included $1.10 million in salary, a $1.75 million sign-on bonus, $5.1 million in non-equity incentive plan compensation, option awards valued at $29.1 million and stock awards valued at $140.4 million.

There was also $401,600 in “All Other Compensation,” which included $257,100 in residential security and $48,700 in company-provided transportation, and $685,000 in the change in pension value and non-qualified deferred compensation earnings.

Don’t miss: Intel stock surges after company moves to replace CEO Swan with VMware chief.

Robert Swan, who Gelsinger took the reins from on Feb. 15, received total compensation of $605,300 in 2021, including $156,300 in salary and $449,000 in all other compensation.

To put Gelsinger’s compensation last year in some perspective, after Swan was named CEO on Jan. 31, 2019, following seven months as interim CEO, he received total 2019 compensation of $66.9 million, including $1.2 million in salary, $3.7 million in non-equity incentive plan compensation and stock awards valued at $61.7 million.

Meanwhile, Intel’s stock didn’t do too well last year, but Gelsinger may be starting to show his value to shareholders this year.

Intel’s stock gained 3.4% in 2021, while the PHLX Semiconductor Index
SOX,
-1.90%

powered up 41.2%, rival Advanced Micro Devices Inc.
AMD,
-1.00%

soared 56.9% and the Dow Jones Industrial Average
DJIA,
-0.30%

climbed 18.7%.

Year to date, however, Intel shares are up 0.8%, while the SOX is down 9.7%, AMD’s stock has shed 14.5% and the Dow has slipped 3.2%.

VMware’s stock dropped 17.4% last year, but has gained 0.5% so far this year.

Turkey Economic Confidence Deteriorates In March

Previous article

The Margin: NFL says teams must hire a ‘female’ or ‘racial minority’ for the 2022 season

Next article

You may also like

Comments

Leave a reply

Your email address will not be published. Required fields are marked *

More in Latest News