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Outgoing CEO Paul Otellini, along with four other Intel (NASDAQ: INTC ) senior executives, received raises in total compensation in 2012, according to a recent SEC filing. Otellini's pay last year totaled $18.338 million, a nearly 10% increase from 2011's $16.7 million. Otellini's compensation includes a base salary of $1.2 million, a slight increase from the previous year's $1.1 million, incentive pay of $5.23 million, as well as stock and option awards amounting to $11.9 million.
CFO Stacy Smith, Chief Product Officer David Perlmutter, COO Brian Krzanich, and Executive VP and Product Manager Renee James each received pay increases in 2012. As with Otellini, each executive's pay consists of base salaries, incentives based on Intel's performance, and stock and option awards. Smith's total pay in 2012 jumped from $6 million in 2011 to more than $15 million last year. Perlmutter, Krzanich, and James all received substantial pay increases as well, with each making more than $15 million in total compensation in 2012.
Though Intel's performance in 2012 warranted a 99% incentive compensation payout, according to the SEC filing, the compensation committee determined it would "reduce the multiplier for all our executive officers to 94% of the annual incentive cash target amount."
Otellini has announced his retirement will become effective at the Intel shareholders' meeting scheduled for May.