- Intel’s new CEO Bob Swan will receive a base salary of $US1.25 million, and he could also receive a target cash bonus of $US3.4 million.
- On top of that, he will receive millions in equity awards and Intel shares, as well as personal security services and private aircraft privileges.
- Swan will also be paid out $US2.7 million for his time spent serving as interim CEO since June.
After a long search, Intel announced on Thursday that Bob Swan will be the chipmaker’s new CEO – and it plans to pay him $US4.68 million in cash this year, not counting the stock grants for which he’s eligible.
Swan, who previously served as the company’s CFO, stepped into the role of interim CEO in June following the departure of former chief exec Brian Krzanich. Now that the position is permanent, Swan will get a base salary of $US1.25 million, and is eligible for a target cash bonus of $US3.4 million, according to Intel filings.
That doesn’t count the stock that Intel will give him, either. In 2019, Swan is eligible to recieve stock grants valued at $US15.5 million, with 80% of them tied to the company’s performance, and the remainder coming to him over time. He’s also eligible for another $US13 million worth of stock units, which will vest on his second and third anniversaries of stepping into the CEO role.
Swan is further eligible for another 450,000 Intel shares, with that payout tied to the company’s share price hitting certain milestones. Under that plan, Swan is actually eligible for earning 900,000 Intel shares, if the company’s stock hits the highest level.
Swan is also being given the option to purchase 1.8 million Intel shares, though they will only vest if the company’s stock is up 30% from where it is today, and holds that level for 30 consecutive trading days.
On top of all of that, Swan will receive personal security services and is allowed to use a company private aircraft for up to a maximum cost of $US200,000 per year.
As for Swan’s time serving as interim CEO, he will be paid out $US2.7 million – this includes a cash bonus of $US1.5 million and equity awards worth $US1.2 million.
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