The shareholders should sue the Board for letting gelsinger get out with a package like his. This man has done nothing but harm to the company and must not be allowed to benefit from his tenure there.
And to gelsinger himself: accepting severance like this after what you did to the company, its shareholders and its employees is a complete disgrace. You should be ashamed of yourself.
I'm not a huge fan of Pat, and I did not think he was the right person for this job. His 10 years before rejoining Intel had nothing to do with semiconductors and it was questionable that he would be able to bring any relevant talent with him.
But all the comments in this thread are bullsh-t. He did not start this mess. It goes all the way back to Otellini. If you don't believe me, check his background. Yes, he was a bean counter. Intel made a number of strategic mistakes back then. BK made the disaster even worse.
It was always questionable whether an Intel in this condition could be saved by Pat.
He was never a chip guy. His claim to fame was selling 10,000 128k isdn pro share video camera units. Cr-ppy business. He was clueless on the big picture strategy and never read only the paranoid survive.
It was in his contract
Please stop saying Pat and Steve Jobs in the same sentence.
Severance packages for top level executives are quite often negotiated as part of the hiring process. I doubt the board had much if any flexibility. So sue away... it is your money to lose hiring a lawyer.
When the Government bailed out Wall Street and the CEOs took big bonuses right after, the government went after them to get it back. The same should be true here. I am not saying he did or didn’t try….just saying he didn’t get the job done…that’s is a healthy severance package when so many people are on the chopping block!
Sadly, his golden parachute is just a fraction of the TC he extracted during his reign of error. Laughing all the way to the bank, failure or success doesn't matter, he got paid and still better off than you!
That's to be expected. American capitalism at its peak. We even elected a President who is a felon and unworthy. But people listen to money. In fact sermons are delivered on the back of money.
Typical "American Capitalism"
He should have worked for a dollar too like Steve Jobs
I think Pat is just following tradition of his predecessors. As for employee/shareholder, they should have GTFO long long time ago.