Pat Gelsinger, who had served as the CEO of chipmaker Intel since February of 2021, stepped down from the company on December 1st, 2024. Intel’s board reportedly gave Gelsinger, who previously served as the CEO of VMWare, the choice to retire or be removed from his post by board vote, and he chose the former.
Intel struggled during Gelsinger’s almost three years of leadership, losing market share to competitors like Nvidia that were quicker to catch the AI wave that has been lifting much of the semiconductor industry to new highs.
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Over the course of his time at the company’s helm, Intel’s stock lost about 61% of its value and was removed from the Dow Jones Industrial Average, one of the best-known and most widely followed stock indexes.
In the wake of Gelsinger’s departure, interim Board Chairman Frank Yeary stated, "While we have made significant progress in regaining manufacturing competitiveness and building the capabilities to be a world-class foundry, we know that we have much more work to do at the company and are committed to restoring investor confidence."
Here’s how much Gelsinger is worth (and the salary he is relinquishing) as he closes what will likely be his final chapter with Intel, a company he first joined as a teenage programmer.
What is Pat Gelsinger’s net worth?
Gelsinger’s exact net worth is unknown but varies with the share prices of stocks he has major holdings in, including Intel and VMWare. Wallmine offers the lowest estimate, at $48.4 million as of August 2024. Benzinga’s estimate is the highest at $104 million as of mid-November 2024.
According to financial data aggregator Gurufocus, Gelsinger owns 524,343 shares of VMWare stock (which were worth $74.73 million when the stock stopped trading publicly in 2023) and 334,934 shares of Intel stock (worth $7.56 million as of this article’s last update).
This would indicate a minimum net worth of $82.29 million, not accounting for cash or property outside of stock, assuming Gurufocus’ holdings data are accurate.
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How much Did Gelsinger make as CEO of Intel?
According to Salary.com, Gelsinger received a base salary of around $1.07 million as Intel’s CEO, along with around $2.9 million in annual bonuses. Combined with an annual stock award of $12.43 billion, his yearly compensation totaled around $16.7 billion.
Gelsinger’s education & career at Intel
Gelsinger got his first job at Intel at the tender age of 18 after completing an associate degree at Lincoln Tech, a program he started after skipping his senior year of high school and receiving an early-admission scholarship.
His first job at Intel was in quality control, and during his early years with the company, he earned his bachelor’s degree in electrical engineering from Santa Clara University and his master’s in computer science from Stanford.
During the 1980s, Gelsinger’s work was instrumental in the development of many of the company’s computer processors, including the 80386 microprocessor, about which he published an autobiographical in 1987. Next, he served as the lead architect of the company’s 80486 processor.
In 2001, He was named Intel’s Chief Technology Officer, a role in which he oversaw the development of the company’s Core and Xeon series processors and worked with the company to integrate newer technologies, including WiFi and USB.
His first stint at Intel, which lasted roughly 30 years, ended in 2009 when he left to join EMC Technologies, a company that would later be acquired by Dell (DELL) . In 2012, he joined VMWare as CEO, and over the course of his tenure there, he accumulated much of the wealth he retains today in the form of VMWare stock.
More executive net worth:
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In early 2021, Gelsinger rejoined Intel, this time as CEO. The company’s stock had been struggling, and Gelsinger was brought on to steer Intel back onto a competitive course within its industry. A few months after taking up the company’s helm, Gelsinger told “60 Minutes” that he planned to help the company catch up with Taiwan Semiconductor Manufacturing (TSMWF) and Samsung (SSNLF) , both rivals to Intel in the chip industry.
During this second tenure, he oversaw the construction of two new domestic manufacturing plants in Arizona, a project that reportedly cost the company around $40 million. He also announced the construction of a $33 billion international plant in Germany to begin operations by 2027.
While these newer plants may, in time, help Intel catch up with its rivals, Gelsinger’s almost three-year tenure saw the company’s share price tumble considerably as it struggled to catch up with rival chipmakers that were quicker to embrace AI. On December 2nd, 2024, Gelsinger announced his retirement after being politely pushed out by Intel’s board.
In a public statement, Gelsinger described his retirement as “bittersweet” but also said, “I can look back with pride at all that we have accomplished together.” Likely referring to recent layoffs, he stated, “It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics.”
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