New Intel CEO Bob Swan will make as much as R60 million a year in salary and bonuses — and he's eligible for R400 million or more in stock awards
- Intel's new CEO Bob Swan will receive a base salary of $1.25 million – , and he could also receive a target cash bonus of $3.4 million – the equivalent around R62 million combined.
- 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 $2.7 million – around R36 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 $4.68 million (around R62 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 $1.25 million, and is eligible for a target cash bonus of $3.4 million, according to Intel filings.
That doesn't count the stock that Intel will give him, either. In 2019, Swan is eligible to receive stock grants valued at $15.5 million (R200 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 $13 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'll 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 $200,000 per year, the equivalent of around R2.6 million.
As for Swan's time serving as interim CEO, he will be paid out $2.7 million - this includes a cash bonus of $1.5 million and equity awards worth $1.2 million.
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