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Posted 05 October, 2023

INTEL CORP appointed Sandra L. Rivera as new CEO

Nasdaq:INTC appointed new Chief Executive Officer Sandra L. Rivera in a 8-K filed on 05 October, 2023.


  Appointment of Sandra L. Rivera as Chief Executive Officer of Programmable Solutions Group  

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Overview of INTEL CORP
Technology • Semiconductors
Intel Corp. engages in the design, manufacture, and sale of computer products and technologies. It delivers computer, networking, data storage, and communications platforms. The firm operates through the following segments: Client Computing Group (CCG), Data Center and AI (DCAI), Network and Edge (NEX), Mobileye, Accelerated Computing Systems and Graphics (AXG), Intel Foundry Services (IFS), and All Other. The CCG segment consists of platforms designed for notebooks, 2-in-1 systems, desktops, tablets, phones, wireless and wired connectivity products, and mobile communication components. The DCAI segment delivers solutions to cloud service providers and enterprise customers, along with silicon devices for communications service providers and high-performance computing customers. The NEX segment offers computing system solutions from inflexible fixed-function hardware to general-purpose compute, acceleration, and networking devices running cloud native software on programmable hardware. The Mobileye segment develops driving assistance and self-driving solutions. The AXG segment provides products and technologies designed to help customers solve the toughest computational problems. Its products include CPUs for high-performance computing and GPUs targeted for a range of workloads and platforms, from gaming and content creation on client devices to delivering media and gaming in the cloud, and the most demanding high-performance computing and AI workloads on supercomputers. The IFS segment refers to full stack solutions created from the foundry industry ecosystem. The All Other segment represents results from other non-reportable segments and corporate-related charges. The company was founded by Robert Norton Noyce and Gordon Earle Moore on July 18, 1968, and is headquartered in Santa Clara, CA.
Market Cap
$191B
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Relevant filing section
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.


(b), (e)


Appointment of Sandra L. Rivera as Chief Executive Officer of Programmable Solutions Group


On October 3, 2023, Intel Corporation ("Intel") announced that Sandra L. Rivera will assume the role of Chief Executive Officer of Programmable Solutions Group ("PSG"), an Intel standalone business, and the effective date of this transition ("Effective Date") is anticipated to occur on January 1, 2024. Ms. Rivera will continue to lead the Data Center and AI Group until a new leader is identified. 


In connection with her appointment as PSG Chief Executive Officer, Intel entered into an offer letter with Ms. Rivera (the "Offer Letter") setting forth the terms of her employment with PSG. Commencing on January 1, 2024, Ms. Rivera's annual base salary will be set at $900,000, and she will be eligible for an annual incentive cash bonus with a target amount of 150% of her base salary or $1,350,000. The Offer Letter further provides for annual long-term incentive ("LTI") equity awards with respect to PSG's equity, beginning in 2024, with an initial aggregate target value of approximately $11,250,000 (determined as set forth in the Offer Letter), comprised of approximately 60% PSG performance stock units ("PSUs") and 40% PSG time-based restricted stock units ("RSUs"). These initial LTI equity awards will receive accelerated vesting in the event of Ms. Rivera's death or Disablement (as defined in the Offer Letter).


In addition, the Offer Letter provides for "staking grants" with respect to PSG's equity to be provided to Ms. Rivera with an aggregate target value of approximately $25,000,000 (determined as set forth in the Offer Letter), comprised of 80% PSUs and 20% RSUs. The Offer Letter further provides that Ms. Rivera will have the opportunity to purchase up to $5,000,000 in PSG's equity, for which she will receive an equal number of matching PSG RSUs. 


The Offer Letter also provides that in the event Ms. Rivera's employment is terminated without Cause (as defined in the Offer Letter) or she voluntarily resigns for Good Reason (as defined in the Offer Letter) and she signs and does not revoke a release of claims, she will be entitled to severance payments equal to one times her then-base salary and then-target bonus opportunity. In addition, in the event a Change in Control (as defined in the Offer Letter) occurs within five years of the Effective Date and her employment is terminated without Cause or she voluntarily resigns for Good Reason within one year of the Change in Control, and she signs and does not revoke a release of claims, Ms. Rivera will be entitled to (A) full acceleration of any unvested PSG RSUs referenced in the Offer Letter and (B) pro-rata vesting (determined as set forth in the Offer Letter) of the target number of any outstanding PSG PSUs referenced in the Offer Letter. 


The foregoing description of Ms. Rivera's compensation arrangements is qualified in its entirety by reference to the Offer Letter, which is attached as Exhibit 10.1 to this report.