Intel Corp (NASDAQ:INTC, ETR:INL)'s outgoing CEO Pat Gelsinger will miss out on $140 million in performance bonuses, according to an analysis by a compensation expert for Fortune.
Gelsinger, who resigned on Monday after four years in the top job at the chipmaker, will have earned at least $46 million including severance during his tenure.
According to a filing by Intel, Gelsinger will receive between $7 million and $10 million in severance.
He has earned $38.7 million in compensation including salary, bonuses, vested stock, and exercised stock options since 2021, per executive compensation data firm Equilar.
According to Equilar, Gelsinger’s earnings from nonequity incentive plan payments peaked during his first year as CEO. He achieved performance-based earnings of $5.1 million in fiscal 2021, $945,900 in 2022, and $2.9 million in 2023, Equilar’s analysis showed.
Intel surprised Wall Street when it announced on Monday that Gelsinger would be retiring as CEO. While the leadership change was described by Intel as a retirement, Bloomberg reported that Gelsinger had been forced out by the company’s board who had lost confidence he could turn around the business.
Shares of Intel are down 53% in the year to date at $22.