Pat Gelsinger to receive over $10 million severance from Intel after departure

Pat Gelsinger, Intel's former CEO, is set to receive over $10 million in severance after his departure on December 1. A filing with the SEC reveals a retirement agreement that includes 18 months of salary and a performance-based bonus. Gelsinger's severance includes $1.875 million for his base salary and up to $5.16 million for his target bonus. He may also receive an additional $3.15 million based on company performance, bringing his total potential payout to $10.18 million. Following Gelsinger's exit, co-CEOs David Zinsner and Michelle Johnston Holthaus have taken over. Intel's stock initially rose after the announcement but later returned to previous levels, reflecting ongoing uncertainty about the company's future.