Owing to his deep experience in the chip industry and as a longtime technology investor, Tan was seen as a contender for the top job since December, when Intel ousted CEO Pat Gelsinger.
Gelsinger’s employment agreement did not have the “change in control” clause. His contract included a base salary of US$1.25 million, and he was eligible for annual cash bonuses of up to 275 per cent of that, according to regulatory filings.
He was also eligible to receive as much as US$12 million as a payout before leaving the company.
In another difference in the wording of the contract, Tan is required to devote “such time as is necessary” to perform his duties and responsibilities as CEO, while Gelsinger was asked to devote his “full business efforts and time to Intel”.
Tan, for now at least, remains actively involved with startups, in which he invests through his venture capital firm Walden International.
