Chip company Intel’s new CEO is Lip-Bu Tan. Tan will receive a salary of $69 million if he leads the company to the set targets.

The value of the pay package for Intel’s new CEO, Lip-Bu Tan, in a challenging situation, has been revealed to be $69 million. Tan will earn this compensation if he achieves the set targets for the company in the coming years. The chip manufacturer noted that the package includes a $1 million salary alongside a 200% performance-based bonus. The agreement also includes a $66 million long-term stock award and new hire incentives.

TO RECEIVE $25 MILLION IN STOCK Additionally, it was mentioned that Tan agreed to purchase $25 million worth of Intel stock within the first 30 days of taking office. The company stated that this purchase reflects Tan’s confidence in Intel and commitment to creating 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 will assume his duties starting from March 18th. Intel’s shares have appreciated by 20% this year. Following the announcement of Tan’s appointment, there was a 15% increase observed on Thursday.