These Were Intel’s 6 Most Highly Compensated Executives In 2020

A breakdown of Intel’s top compensated executives from last year. Their collective pay recently received a symbolic vote of disapproval from the chipmaker’s shareholders.

Two Top Compensated Execs In 2020 Are No Longer At Intel

Intel is in the midst of major changes, and one way that has been expressed is the fact that the company’s two most highly compensated executives of 2020 are no longer at the semiconductor giant.

Bob Swan, who departed as Intel’s CEO in February, was the company’s top compensated executive last year, according to a proxy statement filed with the U.S. Securities and Exchange Commission in late March. In second place was Venkata “Murthy” Renduchintala, who exited in August 2020 as the company’s chief engineering officer following manufacturing problems that resulted in a six-month delay of Intel’s 7-nanometer products.

[Related: These Were Nvidia’s 5 Most Highly Compensated Executives Last Year]

Despite the challenges posed by the pandemic, the Santa Clara, Calif.-based company finished its 2020 fiscal year, which ended Dec. 26, 2020, with a record $77.9 billion in total revenue, marking an 8 percent increase from the previous year. However, the company has faced concerns about its ability to execute and lead from a technology perspective — concerns that stemmed from the company falling behind rivals in cutting-edge chip manufacturing capabilities over several years.

Now the company is hoping for a turnaround with former VMware CEO and 30-year Intel veteran Pat Gelsinger at the helm, and Gelsinger is promising to get there with the company’s new IDM 2.0 hybrid manufacturing plan that will expand Intel’s use of internal and external manufacturing resources.

However, the road to Gelsinger’s goal of “unquestioned leadership” won’t be smooth, as evidenced by the recent vote by Intel’s shareholders to reject the company’s 2020 executive compensation plan, a nonbinding vote that sent a message of disapproval regarding the chipmaker’s pay practices.

In response to shareholder disapproval, Intel said it has a “long-standing commitment to pay-for-performance, which holds executive officers accountable for business results and rewards them for consistently strong corporate performance and the creation of stockholder value.”

What follows are the company’s six most highly compensated executives from 2020.

Robert H. Swan

Bob Swan, Intel’s CEO from January 2019 to February 2021, was the company’s most compensated executive last year, earning a little less than double the company’s second most compensated, Venkata “Murthy” Renduchintala, who departed in August 2020.

Swan earned a base salary of $1.2 million in 2020, the first full year he was CEO. He received nearly $3.7 million in non-equity incentive pay, roughly the same as last year, and $540,800 in other compensation, which included retired plan and deferred compensation plan contributions as well as company-provided transportation.

For equity compensation, Swan received $16.9 million in stock awards in 2020, which is less than half the $44.6 million he received in his first year as CEO.

His total compensation for 2020 was nearly $22.4 million, which is roughly one-third of the $66.9 million in total compensation he received in 2019.

Venkata “Murthy” Renduchintala

Venkata “Murthy” Renduchintala was the company’s chief engineering officer and group president of the company’s Technology, Systems Architecture and Client Group until he departed in August 2020 after the company said a manufacturing defect would delay its 7-nanometer products by six months. He was the company’s second most compensated executive of 2020.

Renduchintala earned a base salary of $620,900 in 2020, which is more than $400,000 less than what he earned in 2019, accounting for the fact that he only worked at Intel for a little over seven months in 2020. He earned $95,800 in non-equity incentive pay, far less than the $2.7 million he received in 2019. He received $2.6 million in other compensation, which included $1.8 million in separation payments as well as retirement plan contributions, among other things.

For equity compensation, Renduchintala received $8.7 million in stock awards in 2020, a little more than half of the nearly $15.2 million he received the year before.

His total compensation for 2020 was $12 million, a little less than half of the nearly $26.9 million he received for total compensation the year before.

Navin Shenoy

Navin Shenoy, executive vice president and general manager of Intel’s Data Platforms Group, was the company’s third most compensated executive last year.

Shenoy earned a base salary of $850,000 in 2020, the same as last year. He earned $1.5 million in non-equity incentive pay, roughly the same as last year. He received $164,500 in other compensation, which includes retirement plan and deferred compensation plan contributions, among other things.

For equity compensation, Shenoy received $8.9 million in stock awards in 2020, a little more than half of the nearly $15.4 million he received the year before.

His total compensation in 2020 was $11.5 million, a little less than half of the nearly $24.8 million he received the year before.

George S. Davis

George S. Davis, who became executive vice president and CFO of Intel in April 2019, was the company’s fourth most compensated executive last year.

Davis earned a base salary of $900,000 in 2020, which was higher than the previous year because 2020 was his first full year on the job. He earned $1.6 million in non-equity incentive pay last year, which was higher than the $1.2 million he received the year before. He also earned a $1 million bonus, which was the second installation of a sign-on cash bonus. He received $157,400 in other compensation, which included retirement plan contributions and relocation benefits, among other things.

For equity compensation, Davis received $7 million in stock awards in 2020, which was less than 40 percent of the nearly $18.2 million he received the year before.

His total compensation in 2020 was $10.7 million, a little more than a third of the $29 million in total compensation he received in 2019.

Steven R. Rodgers

Steven R. Rodgers, executive vice president and general counsel at Intel, was the company’s fifth most compensated executive last year.

Rodgers earned a base salary of $833,000 in 2020, the same as the year before. He earned $1.6 million in non-equity incentive pay. He received $860,300 in other compensation, which included retirement plan and deferred compensation plan contributions as well as housing benefits, among other things.

For equity compensation, Rodgers received nearly $7 million in stock awards in 2020, a little more than the $6.2 million he received the year before.

His total compensation in 2020 was $10.3 million, a little more than the $9.7 million in total compensation he received in 2019.

Gregory M. Bryant

Gregory M. Bryant, executive vice president and general manager of Intel’s Client Computing Group, was the company’s sixth most compensated executive last year.

Bryant earned a base salary of $686,800 in 2020, slightly higher than what he received in 2019. He earned $1.3 million in non-equity incentive pay, a little higher than the $1.2 million he received the year before. He received $65,400 in other compensation, which included retirement plan contributions, among other things.

For equity compensation, Bryant received $7.6 million in stock awards in 2020, lower than the $9.1 million he earned the year before.

His total compensation in 2020 was $9.7 million, a few million lower than the $13.7 million in total compensation he received in 2019.