6 Intel Executives Were Compensated Over $230 Million In Total
The Santa Clara, Calif.-based chipmaker giant’s combined total compensation for its top six executives amounted to more than $230 million last year as Intel revamped its strategy under Gelsinger’s leadership such as launching its IDM 2.0 strategy and Intel’s bullish $20 billion plan to open two large semiconductor manufacturing plants in America with construction set to begin in Ohio later this year.
“2021 was a transformational year for Intel, reflecting considerable organizational development and change,” said Intel board chairman Omar Ishrak, in a proxy filing this week with the U.S. Securities and Exchange Commission.
“When the Board was evaluating candidates to be the next CEO as part of its succession planning process, we knew that we needed to find an individual with deep technological understanding, the vision to develop and deliver a transformational strategy, and the ability to attract top talent and rally our global team,” said Ishrak. “We found exactly that leader in Pat.”
Gelsinger spent 30 years at Intel before leaving in 2009 to become president of EMC, followed by an eight-year stint as CEO at VMware. He was Intel’s highest compensated executive in 2021 by a wide margin.
Intel generated $79 billion in revenue in 2021, representing an increase of 1 percent year over year, despite the global supply chain shortage in the chip market. Intel’s Client Computing Group (CCG) sales were up 1 percent year over year, while Data Platforms Group (DPG) sales were down 1 percent.