What is George S. Davis's background?

Mr. Davis has a strong financial leadership background, having served as Executive Vice President and Chief Financial Officer of QUALCOMM Incorporated from March 2013 to April 2019. Prior to Qualcomm, he was the Chief Financial Officer of Applied Materials, Inc. from November 2006 to March 2013, and held other roles there. He also has extensive experience from his 19 years with Atlantic Richfield Company.

What are the key components of Mr. Davis's compensation package?

Mr. Davis's compensation includes a base salary of $900,000, eligibility for annual and quarterly cash bonuses, a $4,000,000 cash hiring bonus payable in installments, and significant equity awards. These equity awards include performance-based restricted stock units (PSUs) and time-based restricted stock units (RSUs), with special grants tied to Intel's stock price performance over a five-year period.

What happens if Mr. Davis's employment is terminated?

The Offer Letter includes provisions for severance payments if Mr. Davis's employment is terminated by Intel without 'Cause' or by him for 'Good Reason' within approximately three years of his start date. This includes receiving any unpaid portion of his hiring bonus and a severance payment that declines quarterly over the three-year period, subject to a release of claims.

INTC 8-K: Leadership Changes & Regulation FD

Q: Who is the new Chief Financial Officer of Intel?

George S. Davis has been appointed as the new Executive Vice President and Chief Financial Officer (CFO) of Intel Corporation, effective April 3, 2019.

Summary

Intel Corporation (INTC) announced a significant leadership change in its finance department through an 8-K filing on April 3, 2019. The company has appointed George S. Davis as its new Executive Vice President and Chief Financial Officer (CFO), effective April 3, 2019. Mr. Davis brings extensive experience from his previous roles as CFO at Qualcomm and Applied Materials, overseeing global finance, IT, and investor relations functions. This appointment signals a strategic move by Intel to bolster its financial leadership. Mr. Davis's compensation package is substantial, reflecting his senior role and the company's expectations, including a significant base salary, performance-based bonuses, substantial equity awards with performance hurdles tied to stock price appreciation, and a notable hiring bonus. The filing also details severance provisions and relocation assistance, underscoring the company's commitment to securing and retaining top talent in key executive positions.

Key Highlights

1George S. Davis appointed as Executive Vice President and Chief Financial Officer (CFO) effective April 3, 2019.
2Mr. Davis's prior experience includes CFO roles at Qualcomm and Applied Materials.
3His compensation includes a $900,000 base salary and significant bonus potential.
4He is eligible for substantial equity awards starting in January 2020, with a target value of $6,500,000, predominantly performance-based.
5Special equity grants include performance stock units (PSUs) tied to stock price appreciation and stock options with specific vesting and exercise conditions based on stock price thresholds.
6A cash hiring bonus of $4,000,000 is structured in installments over two years.
7Severance provisions are in place for termination without Cause or for Good Reason within the first three years of employment, including a declining severance payment and any unpaid hiring bonus.

INTEL CORP 8-K Report, Executive Changes (Apr 3, 2019)

Summary

Key Highlights

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