Chippie Thoughts, page-14

Intel to Pay $25 Million to Former Qualcomm Executive

Venkata ‘Murthy’ Renduchintala was named president of new group that includes selling chips for personal computers in November
- Always believed it was Qualcomm from the start but now my money is on Murthy making sure

XPED / INTEL push heavy into the IOT space. In negotiating a package like that he had to have a

clear plan on how intel can stay on top and dominate IOT.. and the the first step would be snapping

up ADRC for his new chipset. He saved Qualcomms ass big time with the new Snapdragon chip and

should of been rewarded with the job he was seeking .. Instead they passed him over to Intel with a

axe to grind.. Lets Do It Murthy..




Intel disclosed on Friday the pay package for Venkata ‘Murthy’ Renduchintala, who was given the title executive vice president as well as president overseeing most of Intel’s product businesses.

Intel Corp. disclosed a compensation package that could be worth more than $25 million for an executive recruited from rival Qualcomm Inc. who will hold a pivotal position at the chip giant.
The package for Venkata “Murthy” Renduchintala includes an $8.1 million sign-on bonus and an initial award of restricted stock units also valued at $8.1 million. Mr. Renduchintala, who will receive an annual salary of $900,000, is eligible for an annual cash bonus of up to $2.1 million and a performance-based equity award each year worth up to $6 million, according to an offer letter Intel included in a filing Friday with the Securities and Exchange Commission.
Mr. Renduchintala, who was given the title executive vice president as well as president overseeing most of Intel’s product businesses, previously jointly ran the chip business at Qualcomm, the biggest maker of wireless modem chips and processors used in smartphones. Intel has tried for years to get its chips into handsets with little success so far.
Intel disclosed Mr. Renduchintala’s hiring in November but not his pay package.
His responsibilities include all “client” product—a term that describes chips for personal computers, smartphones and tablets—as well as a broad range of devices related to the trend called the Internet of Things. Intel’s systems architecture group also reports to him.
A spokeswoman for the company said his compensation reflects the breadth of his new role, and is within Intel’s targets for “market competitiveness” and the median of its benchmark comparisons with other companies. The sign-on award and new-hire grant only partially offset the value he lost by leaving his prior employer, she said.
The compensation package entitles Mr. Renduchintala to first-class air travel to any domestic location and the use of a private jet “in the event that domestic travel schedules prove difficult,” the letter states. Intel agreed to cover all costs of travel between his home in Southern California and Intel’s headquarters in Santa Clara, Calif., including temporary housing costs. The company also is providing him with what the letter describes as a “comprehensive” relocation package to help him move to the San Francisco Bay Area.
The Intel spokeswoman noted that the travel and relocation assistance are intended to ensure that Mr. Renduchintala’s time is “optimized.”
“It’s not uncommon to have a senior executive live in one place and commute to another on the company’s dime—especially a senior exec like Murthy,” said Michelle Leder,founder of the financial research service known as footnoted.
Intel’s offer letter also spells out a series of potential severance payments if Mr. Renduchintala’s employment ends during certain time periods, including $16.2 million if he is terminated before payment of his hiring bonus.