Summary
Intel Corporation (INTC) announced a significant executive appointment in an 8-K filing dated June 21, 2022, detailing the hiring of Scott Gawel as its new Corporate Vice President and Chief Accounting Officer, effective July 6, 2022. Mr. Gawel, previously with Oracle Corporation where he held the role of Senior Vice President and Corporate Controller, brings extensive experience in financial reporting and accounting to Intel. This appointment is crucial for investors as it fills a key financial leadership position. The filing also outlines Mr. Gawel's compensation package, which includes a base salary of $475,000, an annual incentive bonus target of $475,000, and a substantial annual equity award valued at approximately $1,500,000. Additionally, "make-whole" provisions include a $2,000,000 equity award and a $2,500,000 cash bonus, payable over three years, to compensate for forfeited compensation from his previous employer. These arrangements underscore Intel's commitment to attracting and retaining experienced financial talent, which is vital for maintaining financial integrity and investor confidence.
Key Highlights
- 1Scott Gawel appointed as Corporate Vice President and Chief Accounting Officer, effective July 6, 2022.
- 2Mr. Gawel joins Intel from Oracle Corporation, where he served as Senior Vice President and Corporate Controller.
- 3His base salary will be $475,000.
- 4Eligible for an annual incentive cash bonus with a target of $475,000.
- 5Will receive an annual equity award of restricted stock units (RSUs) with a target value of approximately $1,500,000.
- 6New hire "make-whole" compensation includes $2,000,000 in RSUs and a $2,500,000 cash bonus payable over three years.
- 7Mr. Gawel will enter into Intel's standard form of officers' indemnification agreement.