Intel's new CEO to receive $1 million as base salary

(Reuters) -U.S. chipmaker
The company named Tan as the CEO on Wednesday, tasking the industry veteran to lead a faltering transition to a successful chip manufacturing firm as well as chip design house. He will take charge on
Tan's employment agreement includes a three-year performance target, making him eligible to keep two-thirds of his stock awards if a "change in control" or a significant shift in the ownership takes place within 18 months of his joining.
Owing to his deep experience in the chip industry and as a longtime technology investor, Tan was seen as a contender for the top job since December, when
Gelsinger's employment agreement did not have the "change in control" clause. His contract included a base salary of
He was also eligible to receive as much as
In another difference in the wording of the contract, Tan is required to devote "such time as is necessary" to perform his duties and responsibilities as CEO, while Gelsinger was asked to devote his "full business efforts and time to
Tan, for now at least, remains actively involved with startups, in which he invests through his venture capital firm
(Reporting by Bhanvi Satija in Bengaluru and
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