The document submitted by intel to the usa Securities and Exchange Commission (SEC) today shows that the recently resigned company former CEO Pat Gelsinger will receive approximately 12 million dollars in severance pay.

The document shows that Gelsinger will receive 18 months of base salary after leaving, totaling approximately 1.9 million dollars. Additionally, he will receive 1.5 times the target bonus of 3.4 million dollars, paid over 18 months.

Furthermore, as CEO, Gelsinger will receive an annual bonus for 11 months. In summary, this will bring his total severance bonus to approximately 12 million dollars.

In comparison, Gelsinger's total compensation in 2023 was 16.86 million dollars, a 45% increase from 11.61 million dollars in 2022.

Last weekend, the board of directors of intel gave Gelsinger a choice: either resign or be fired. Insiders say the board concluded that Gelsinger had to leave because his plan for turning the company around was not showing results fast enough. This year, intel's stock price has plummeted more than 50%, leading to its removal from the dow jones industrial average index.

Ultimately, Gelsinger chose to retire on his own accord. On Monday local time, intel announced that Gelsinger would officially retire on December 1. Following the news, intel's stock price rose 5.8% on Monday.

After Gelsinger's departure, intel appointed executives David Zinsner and Michelle Johnston Holthaus as interim co-CEOs, while the search for a permanent CEO is still underway.

This sudden change at intel is the latest sign of the decline of this technology company with a 56-year history. Intel was once a dominant force in the chip manufacturing industry, but in recent years has ceded its manufacturing advantages to competitors like taiwan semiconductor. Meanwhile, intel also missed out on the boom in generative AI, including abandoning its investment in ChatGPT owner OpenAI.

Analysts say that Kissinger's sudden departure provides a new opportunity for intel, which is in a difficult situation, to consider potential trade options, including splitting off the chip foundry business or selling it to qualcomm.

However, given the slow pace of technological advancement and cost-cutting, as well as the rapid development of competitors, the next CEO of intel may face a job that is even more challenging than Kissinger's.