The new CEO of the chip company Intel has been announced as Lip-Bu Tan. Tan will receive a salary of 69 million dollars if he manages to move the company towards the set targets.

The value of the salary package for Intel’s new CEO, Lip-Bu Tan, at a difficult time for the chip company, has been revealed to be 69 million dollars. Tan will earn this amount if he achieves the set targets for the company in the coming years. The chip producer stated that the said package includes a 1 million dollar salary along with a 200% performance-based bonus. The agreement also includes a 66 million dollar long-term stock award and new hiring incentives.

TO RECEIVE 25 MILLION DOLLARS WORTH OF SHARES Additionally, it was mentioned that Tan agreed to purchase 25 million dollars worth of Intel shares within the first 30 days after taking up his new position. A statement from the company highlighted that this purchase reflects Tan’s belief in Intel and his commitment to creating shareholder value.

STOCKS ARE RISING Intel appointed Tan to the CEO position vacated by Pat Gelsinger earlier this week. The 65-year-old Tan will begin his role on March 18th. Intel’s shares have increased by 20% this year. Following the announcement of Tan’s appointment, a 15% increase was recorded on Thursday.