Intel and Gelsinger agreed on a "retirement and separation agreement" that will grant him a severance package totaling between $7 million and $10.18 million.
After almost four years, Gelsinger's departure as CEO will lead to a performance-based bonus, potentially increasing his severance package beyond $10 million.
The news of Gelsinger's departure initially boosted Intel's shares, but they ultimately settled back to previous levels, reflecting the uncertainty of the company's future.
Intel's leadership transitions to new co-CEOs David Zinsner and Michelle Johnston Holthaus, indicating a strategic shift amid the company's ongoing transformation.
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