India, March 15 -- Lip-Bu Tan, who was named Intel's new CEO this week, will be paid a salary of $69 million (about Rs.600 crore) per year, provided he reaches targets over the coming years.

Tan's pay package includes a salary of $1 million along with a 200 per cent performance-based bonus, Intel said in a filing on Friday. The pay package for the new CEO also includes $66 million in long-term equity awards and stock options and new-hire incentives.

Lip-Bu Tan has also agreed to buy Intel shares worth $25 million in the first 30 days of taking the job. "Lip-Bu's purchase reflects his belief in Intel and commitment to creating shareholder value," the company said in a statement.

Tan was appointed as Intel's CEO after the company's board...