Intel is paying over $23 million to bring in eBay's former CFO
Intel
Swan's hiring was a bit of a surprise, given his lack of experience in the chip business. He was most recently a partner at private equity firm General Atlantic, and before that, has spent 9 years as eBay's CFO.
But perhaps what's more surprising is his lofty pay package that exceeds $23 million in total, according to a regulatory filing.
Swan will get an $850,000 base salary, but is eligible for an annual bonus of $1.2 million and a hiring bonus of $5.5 million. On top of that, his new hire stock grant and annual equity award could each be worth $9.5 million and $6.5 million, respectively.
Swan's compensation package is particularly interesting because it shows Intel's willingness to pay big bucks to bring in outside executives, even as the company's going through a massive cost cutting plan that involves its biggest layoff in history. Just last year, Intel gave a $25 million pay package to former Qualcomm exec Venkata "Murthy" Renduchintala to hire him as the company's number two executive.
Tricky timing
"We do note a continuation of high pay for new talent however, with Mr. Swan's package coming in at a bit over $23 million," Bernstein's analyst Stacy Rasgon wrote in a note.
It'll be interesting to see how Intel's current employees take these high compensation packages given that the rest of the company is going through a painful reorganization process. We did previously hear rumblings from a number of current and former employees who questioned the logic behind these big pay packages.
Still, Rasgon says Swan's hiring is a "reasonably positive" move given his experience in restructuring at a private equity firm. At eBay, he also oversaw more than 30 acquisitions and helped with the spinoff of PayPal.
"Mr. Swan's most recent role in private equity (Operating Partner at General Atlantic), may enable him to bring a skillset to bear on Intel's ongoing restructuring and refocusing, as well as investing for growth…Overall our initial (outside-in) impressions of this hire are reasonably positive," Rasgon wrote.
- Welcome to the white-collar recession
- Singapore Airlines was ordered to pay a couple compensation for 'mental agony' after they complained their business-class seats didn't automatically recline
- A 101-year-old woman keeps getting mistaken for a baby on flights and says it's because American Airlines' booking system can't handle her age
- “Wish to follow in the footsteps of PM Modi!” ‘Anupamaa’ star Rupali Ganguly joins BJP
- “Wish to follow in the footsteps of PM Modi!” ‘Anupamaa’ star Rupali Ganguly joins BJP
- Assassin’s Creed Mirage on iPhone 15: Killer game to debut on Pro and iPad on June 6
- 5 worst cooking oils for your health
- From fiber to protein: 10 health benefits of including lentils in your diet
- Nothing Phone (2a) blue edition launched
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market