LONDON Paul Otellini, president and CEO of the world's largest chip company Intel Corp., received about $14.1 million in total compensation for doing his job in 2009, an increase of 16.7 percent over what he was paid in 2008, according to documents filed with the Securities & Exchange Commission.
To the nearest dollar his compensation was $14,117,500 and his rise was $2,079,300. The increase came despite the fact that the company's net revenue for the year fell by 6.5 percent to approximately $35.13 billion and the GAAP net income according to U.S. generally accepted accounting principles (GAAP), fell by 17.4 percent to $4.37 billion.
Intel also listed a non-GAAP net income in the SEC documents. This increased by 12.3 percent to $6.63 billion. The non-GAAP 2009 adjusted net income excludes the European Commission fine of $1.45 billion, and the company's settlement agreement payment to Advanced Micro Devices Inc. of $1.25 billion and the related tax impacts of this charge.
Intel total compensation includes a mix of base salary, performance-based cash compensation, and equity awards. Otellini's base salary was kept flat at $1 million in 2009 but the incentive cash payments and equity awards were increased over 2008 values, according to the SEC filing.
Otellini was not the only senior executive to benefit from the Intel compensation committee's deliberations. Other senior executives did even better than Otellini in percentage terms.
Stacy Smith, chief financial officer, received about $4.78 million in total compensation in 2009, up 27.1 percent over his compensation in 2008
Andy Bryant, executive vice president for technology, manufacturing, and enterprise services, and chief administrative officer, received about $6.11 million in total compensation in 2009, up 37.7 percent over his compensation in 2008.
Sean Maloney, executive vice president and general manager of the Intel Architecture Group, received about $6.27 million in total compensation in 2009, up 25.3 percent over 2008.
David Perlmutter, president and general manager of the Intel Architecture Group, received about $5.88 million in total compensation in 2009, up 29.7 percent over 2008.
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