SAN FRANCISCO (AP) — Intel CEO Paul Otellini received a pay package valued at $18.9 million last year as he prepared to retire, bowing out from a challenge posed by the growing popularity of mobile devices that have curtailed the demand for the company's personal computer chips.
The amount disclosed in a Wednesday regulatory filing represents a 10 percent increase from Otellini's total compensation in 2011, based on a formula used by The Associated Press.
The uptick stemmed from the size of the Intel stock awards and options that Otellini got last year. Those could end up being worth more or less than the company's estimated values, depending on how Intel's recently slumping stock fares in the future.
Intel Corp.'s board wasn't entirely satisfied with Otellini's performance last year. To reflect its disappointment, the board's compensation committee trimmed the cash portion of Otellini's incentive pay by 19 percent from the previous year to $5.23 million.
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