Dhaka, March 16 -- US chipmaker Intel's new CEO Lip-Bu Tan will receive a salary of $1 million and be eligible for an annual cash bonus of up to $2 million, the company said in a regulatory filing on Friday.

The company named Tan as the CEO on Wednesday, tasking the industry veteran to lead a faltering transition to a successful chip manufacturing firm as well as chip design house. He will take charge on March 18.

Tan's employment agreement includes a three-year performance target, making him eligible to keep two-thirds of his stock awards if a "change in control" or a significant shift in the ownership takes place within 18 months of his joining, reports Xinhua.

Owing to his deep experience in the chip industry and as a longtime techn...