Incoming Intel Corp chief executive officer Lip-Bu Tan, who was named to the position this week, will receive a compensation of about $69 million — about ₹600 crore — if he reaches targets over the coming years.

According to a Bloomberg report, the package includes a salary of $1 million, plus a 200 per cent performance-based bonus, the chip maker said in a recent filing. It also includes $66 million in long-term equity awards and stock options and new-hire incentives.

Separately, Tan agreed to buy $25 million in Intel shares in the first 30 days of taking the job.

“Lip-Bu’s purchase reflects his belief in Intel and commitment to creating shareholder value,” the company said in a statement.

Earlier this week, Intel announced Tan was filling the role left vacant when the board ousted his predecessor, Pat Gelsinger. The semiconductor industry veteran, who previously served as an Intel board member, is tasked with trying to return the company to the forefront of an industry that it dominated for decades.

Tan, 65, will assume the role on March 18, the company said on Wednesday. He will rejoin the board as well after stepping down in August 2024.

Intel’s stock has rallied this year, gaining 20 per cent, including a surge of 15 per cent on Thursday following the announcement.