Intel’s 6 Most Highly Compensated Execs; Pat Gelsinger Leads
Here’s what Intel’s top six executives reported in total compensation in 2021, which amounted to over $230 million in combined total compensation.
6 Intel Executives Were Compensated Over $230 Million In Total
Intel generated a record breaking $79 billion in revenue last year while shaking up its executive leadership team including the hiring of CEO Pat Gelsinger from VMware.
The Santa Clara, Calif.-based chipmaker giant’s combined total compensation for its top six executives amounted to more than $230 million last year as Intel revamped its strategy under Gelsinger’s leadership such as launching its IDM 2.0 strategy and Intel’s bullish $20 billion plan to open two large semiconductor manufacturing plants in America with construction set to begin in Ohio later this year.
“2021 was a transformational year for Intel, reflecting considerable organizational development and change,” said Intel board chairman Omar Ishrak, in a proxy filing this week with the U.S. Securities and Exchange Commission.
“When the Board was evaluating candidates to be the next CEO as part of its succession planning process, we knew that we needed to find an individual with deep technological understanding, the vision to develop and deliver a transformational strategy, and the ability to attract top talent and rally our global team,” said Ishrak. “We found exactly that leader in Pat.”
Gelsinger spent 30 years at Intel before leaving in 2009 to become president of EMC, followed by an eight-year stint as CEO at VMware. He was Intel’s highest compensated executive in 2021 by a wide margin.
Intel generated $79 billion in revenue in 2021, representing an increase of 1 percent year over year, despite the global supply chain shortage in the chip market. Intel’s Client Computing Group (CCG) sales were up 1 percent year over year, while Data Platforms Group (DPG) sales were down 1 percent.
Taking a look at Intel’s new SEC filing, CRN breaks down the top six most highly compensated executives last year, which includes salaries, stock awards and more.
No. 6: Sandra Rivera
EVP and GM, DCAI
Total Compensation: $9,798,100
Sandra Rivera is a longtime Intel executive who first joined the company in 2000 with a deep history in data center technology and a track record of integrating Intel’s silicon and software portfolios to drive customer value.
Rivera is currently executive vice president and general manager of Intel’s Datacenter and AI Group (DCAI), focused on developing leadership data center products for a cloud-based world and driving Intel’s overall AI strategy.
Rivera received $6.13 million in stock awards in 2021.
Her salary was $724,400 with a bonus last year of $1 million.
Rivera earned $1.81 million in Intel’s non-equity incentive compensation program. All other compensation for Rivera totaled $130,000.
Rivera reported $9,798,100 in total compensation for 2021.
No. 5: Gregory Bryant
Former EVP and GM, CCG
Total Compensation: $10,432,500
Gregory Bryant spent 30 years at Intel before recently leaving on Jan. 31, 2022 to become president of business units for Analog Devices.
In his last role at Intel, Bryant was executive vice president and general manager of Intel’s Client Computing Group (CCG). He led Intel’s CCG which spans notebooks, desktops, tablets, 2-in-1 devices and home gateways. Bryant’s responsibilities included business strategy and product development for the full CCG portfolio of Intel technologies, processors, chipsets and connectivity solutions.
In 2021, Bryant generated $7.66 million in stock awards.
Bryant received a base salary of $750,000 and $1.88 million in Intel’s non-equity incentive compensation program. He earned $142,500 in all other compensation.
Bryant earned a total of $10,432,500 in compensation in 2021.
In 2020, Bryant reported total compensation of $9.75 million.
No. 4: Steven Rodgers
Former EVP and General Counsel
Total Compensation: $10,442,600
Steven Rodgers has spent most of his career, over 22 years, at Intel. He recently announced his intention to retire from Intel in May 2022, and he stepped down as general counsel and executive vice president in February 2022.
In January, Rodgers helped Intel win its appeal of a fine worth $1.2 billion that was levied by the European Union’s antitrust regulators more than 10 years ago for anti-competitive behavior against rival AMD.
Rodgers served in many top roles at Intel over the past 22 years including being Intel’s former director of litigation, as well as corporate vice president and deputy general counsel.
For 2021, Rodgers generated stock awards of $6.54 million.
He received a salary of $850,00 and earned $2.31 million in Intel’s non-equity incentive plan compensation program. He received $739,900 in all other compensation.
Rodgers reported total compensation of $10,442,600 in 2021.
In 2020, Rodgers received $10.36 million in total compensation.
No. 3: George Davis
Former CFO and EVP
Total Compensation: $10,925,000
Intel CFO George Davis stepped down from his role in January, with plans to retire from the company in May. Davis was hired as CFO and executive vice president in April 2019 as the successor to the company’s previous top finance executive, Bob Swan.
Davis was responsible for overseeing Intel’s global finance organization, which includes accounting and reporting, tax, treasury, internal audit and investor relations.
In 2021, Davis earned $6.64 million in stock awards.
He received a salary of $925,000 as well as a $1 million bonus last year.
Davis was compensated $2.31 million in Intel’s non-equity incentive plan compensation program. He received $43,400 in all other compensation.
In total, Davis reported $10,925,000 in compensation in 2021.
In 2020, Davis reported $10.78 million in total compensation
No. 2: Navin Shenoy
Former EVP and GM, DPG
Total Compensation: $11,095,800
Navin Shenoy was executive vice president and general manager of Intel’s Data Platforms Group (DPG) before he departed Intel in July 2021. The longtime Intel executive first joined the company in 2007 as general manager and President of Asia Pacific.
As leader of Intel’s Data Platforms Group, he led the businesses’ overall strategy, profit and loss, and product development for the full portfolio of technologies including server CPUs, networking memory, AI, IoT and programmable gate arrays.
Shenoy earned $8.38 million in stock awards last year.
He received a salary of $450,800 as well as $63,000 in Intel’s non-equity incentive plan compensation program. All other compensation paid to Shenoy was $2.2 million.
In 2021, Shenoy reported a total of $11,095,800 in compensation.
In 2020, Shenoy reported a total of $11.51 million in compensation.
No. 1: Pat Gelsinger
CEO
Total Compensation: $178,590,400
Intel’s new CEO Pat Gelsinger earned the most compensation of any Intel executive in 2021 at a whopping $178,590,400.
“Patrick Gelsinger is a world-class technology industry veteran,” said Intel in its SEC filing. “In early 2021, the Committee recruited Mr. Gelsinger with a substantial compensation arrangement that both accounted for his equity arrangements at his prior employer that he forfeited as a result of rejoining Intel and created a direct and compelling alignment with stockholder outcomes. He will not realize a significant portion of his compensation arrangement unless there is substantial value creation for the company.”
Gelsinger reported $140.43 million in stock awards last year. All other awards totaled $29.11 million.
He received a salary of $1.1 million as well as a $1.75 million bonus.
Gelsinger earned $5.11 million in Intel’s non-equity incentive plan compensation program, with all other compensation totaling $1.08 million.
In 2021, Gelsinger reported $178,590,400 in total compensation.
Comparatively, Intel’s former CEO Robert Swan reported $22.39 million in total compensation in 2020. Swan scored approximately $67 million in total compensation in 2019.