Now THAT Is A Raise
According to a filing with the Securities & Exchange Commission Intel CEO Pault Otellini’s overall compensation packaged more than doubled from $5.9 million to $12.1 million last year. A 104% increase sounds good to us, and Intel’s stock ‘leaping ahead’ 33.6% probably sounded good to investors.
"Otellini's pay hike was the result of trying to bring his compensation package in line with those at peer companies, Intel said in the SEC filing. The bulk of the 2007 increase came from giving his total cash compensation a 91 percent jolt to $4.7 million, while his base pay received a 10 percent increase to $770,000."
In addition to the cash compensation and base pay being increased, Otellini was also given a long-term stock option award of 700,000 shares. Despite all the increases in his pay, the board over at Intel still feels Otellini’s pay is beneath the 65th percentile mark for comparable companies.