Chip company Intel’s new CEO is Lip-Bu Tan. Tan will receive a salary of 69 million dollars if he leads the company to meet the set goals. The value of struggling chip company Intel’s new CEO Lip-Bu Tan’s salary package has been announced as 69 million dollars. Tan will receive this amount if he achieves the set goals in the upcoming years for the company. The chip manufacturer noted that the package includes a 1 million dollar salary, as well as a 200% performance-based bonus. The agreement also includes a 66 million dollar long-term stock reward and new hiring incentives.

GETTING $25 MILLION IN STOCKS Additionally, it was stated that Tan agreed to purchase $25 million worth of Intel shares within the first 30 days of taking office. A statement from the company indicated that this purchase reflects Tan’s confidence in Intel and determination to create shareholder value.

STOCKS ON THE RISE Intel appointed Tan to the CEO position vacated by Pat Gelsinger earlier this week. The 65-year-old Tan is set to start his role on March 18th. Intel’s stocks have gained 20% in value this year. Following the announcement of Tan’s appointment, there was a 15% increase on Thursday.