8-KLeadership ChangesRegulation FDExhibits & Filings

INTEL CORP 8-K Report, Executive Changes (May 2, 2013)

Filed May 2, 2013For Securities:INTC

Summary

Intel Corporation (INTC) announced significant leadership changes effective May 16, 2013, following the retirement of CEO Paul S. Otellini. Brian M. Krzanich has been elected as the new Chief Executive Officer (CEO), and Renee J. James has been appointed as the new President. Krzanich, currently COO, has a long tenure at Intel, starting in 1982, and has held various leadership roles in manufacturing and supply chain. James, currently EVP and General Manager of the Software and Services Group, also has extensive experience with Intel since 1988 and currently serves on the boards of Vodafone Group plc and VMware, Inc. These appointments signal a new chapter for Intel, with new leadership taking the helm. The company has detailed the compensation packages for both Krzanich and James, including base salary, annual incentive targets, and significant equity awards. Krzanich's total compensation for 2013 is expected to be $10 million, while James' is expected to be $8.5 million, reflecting their new elevated roles and responsibilities. The election of Krzanich to the board is also anticipated.

Key Highlights

  • 1Brian M. Krzanich appointed as new CEO, effective May 16, 2013.
  • 2Renee J. James appointed as new President, effective May 16, 2013.
  • 3These changes follow the retirement of current CEO Paul S. Otellini.
  • 4Krzanich's 2013 compensation package totals $10 million, including base salary, incentive cash, and equity awards.
  • 5James' 2013 compensation package totals $8.5 million, including base salary, incentive cash, and equity awards.
  • 6Brian M. Krzanich is expected to be elected to the Board of Directors.
  • 7The company has provided details on the types and vesting schedules of equity awards granted to the new CEO and President.

Frequently Asked Questions

Brian M. Krzanich has been elected as the new Chief Executive Officer (CEO) of Intel Corporation, effective May 16, 2013.

Brian Krzanich's 2013 compensation is expected to be $10 million in total. This includes a base salary of $1 million, an annual incentive cash target of $2.5 million, and equity awards valued at $6.5 million. The equity awards consist of performance-based restricted stock units (OSUs), time-based restricted stock units (RSUs), and stock options.

Renee J. James has been appointed as the new President of Intel Corporation, effective May 16, 2013.

Renee James' 2013 compensation is expected to be $8.5 million in total. This includes a base salary of $850,000, an annual incentive cash target of $2.125 million, and equity awards valued at $5.525 million. The equity awards consist of performance-based restricted stock units (OSUs), time-based restricted stock units (RSUs), and stock options.