Intel’s new CEO to receive $1 million as base salary

US chipmaker Intel’s new CEO Lip-Bu Tan will receive a salary of $1 million and be eligible for an annual cash bonus of up to $2 million, the company said in a regulatory filing on Friday.

The company named Tan as the CEO on Wednesday, tasking the industry veteran to lead a faltering transition to a successful chip manufacturing firm as well as chip design house. He will take charge on March 18.