Intel shareholders approve new CEO's pay and incentive plan to retain top talent

Intel shareholders have agreed for the adoption of the new incentive plan designed to attract and retain top talent along with the compensation package for newly appointed Intel CEO Lip-Bu Tan. The decision comes at a time when Intel is undergoing some major restructuring after the departure of its former CEO Pat Glensinger in December last year. The shareholders meeting was the first for Tan.The board had lost confidence in Gelsinger's costly turnaround plan after he failed to deliver on lofty promises. Tan took over as the Intel CEO in March this year and soon started restructuring at Intel.Lip-Bu Tan took over as the CEO of Intel in March this year. Tan will now receive $42 million in stock awards on the basis of Intel’s share performance. The approval also signifies the confidence of investors in Tan’s leadership as he is working on revamping Intel’s AI strategy. Along with Tan’s compensation, the shareholders also voted to increase the share reserves for employee incentives for talent retention. However, three shareholder proposals were rejected, including calls for Intel to reassess its operations in Israel, increase transparency in charitable giving, and grant shareholders the right to act by written consent.Intel CEO already started restructuring at the company. He focused on flattening Intel’s leadership hierarchy by cutting middle management layers and also shifted focus on AI-driven innovation. Tan said he intends to leverage Intel's large share in the personal computer and data center markets to deliver more competitive products, and will refine its AI strategy.