8-KLeadership ChangesRegulation FDExhibits & Filings

INTEL CORP 8-K Report, Executive Changes (Jan 31, 2019)

Filed January 31, 2019For Securities:INTC

Summary

Intel Corporation has officially appointed Robert H. Swan as its Chief Executive Officer, effective January 30, 2019. Swan, who has been serving as interim CEO and CFO since June 2018, brings extensive financial and operational experience from his previous roles at eBay, TRW, and General Electric. His appointment signifies a move towards leadership stability following the unexpected passing of the previous CEO. The company has also announced the appointment of Todd M. Underwood as interim Chief Financial Officer. Furthermore, the filing details significant compensation packages for Mr. Swan, including a base salary, performance-based bonuses, and substantial equity awards designed to incentivize long-term performance and stock price appreciation. Special awards were also granted to Mr. Swan for his interim CEO role and to Chairman Andy D. Bryant for his support during the leadership transition.

Key Highlights

  • 1Robert H. Swan appointed permanent Chief Executive Officer, effective January 30, 2019.
  • 2Todd M. Underwood appointed interim Chief Financial Officer.
  • 3Mr. Swan's compensation package includes a base salary of $1.25 million and significant performance-based bonuses and equity awards.
  • 4Mr. Swan's equity awards are heavily weighted towards performance-based stock units (PSUs) and include both time-based restricted stock units (RSUs) and special performance awards tied to stock price appreciation.
  • 5Special cash and equity awards totaling $2.7 million were granted to Mr. Swan for his interim CEO role.
  • 6Chairman Andy D. Bryant received a special equity award valued at approximately $4 million.
  • 7The filing confirms the continuation of personal security services and private aircraft use for Mr. Swan.

Frequently Asked Questions

Robert H. Swan has been officially appointed as the Chief Executive Officer of Intel. He previously served as Intel's interim CEO and Executive Vice President, Chief Financial Officer since June 2018. Mr. Swan has a long career in finance and operations, including roles at eBay, TRW, and General Electric.

Mr. Swan's compensation includes a base salary of $1,250,000. He is eligible for annual and quarterly bonuses. Additionally, he received significant equity awards, including performance-based stock units (PSUs) and restricted stock units (RSUs), with a target value of approximately $15.5 million for 2019, plus special promotional equity awards valued at approximately $13 million and potentially more based on stock price appreciation.

Todd M. Underwood has been appointed as the interim Chief Financial Officer, effective January 31, 2019. He has held various finance leadership roles within Intel since joining the company in 1992.

Yes, Mr. Swan received a special compensation package of $2.7 million (cash and equity) for his service as interim CEO. Intel's Chairman of the Board, Andy D. Bryant, also received a special equity award valued at approximately $4 million, reflecting his increased responsibilities during the leadership transition.