Adds details in paragraphs 2,3, 4
March 14 (Reuters) - U.S. chipmaker Intel's INTC.O new CEO Lip-Bu Tan will receive an initial base salary of $1 million, the company said in a regulatory filing on Friday.
Tan, who will take charge on March 18, will also be eligible for an annual cash bonus with a target payout of 200% of his base salary.
Intel named Tan as the CEO on Wednesday. The former Intel board member was seen as a contender for the top job, thanks to his deep experience in the chip industry as well as a longtime technology investor in promising startups.
Intel is undergoing a historic transition as it attempts to emerge from one of its bleakest periods.
(Reporting by Bhanvi Satija in Bengaluru; Editing by Arun Koyyur)
((Bhanvi.Satija@thomsonreuters.com; Outside U.S. +91 9873062788;))
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