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Intel’s new CEO gets pay package valued at about $69 million

Separately, Tan agreed to buy $25 million in Intel shares in the first 30 days of taking the job.

Ian King

Candidates also would include Stacy Smith, a former Intel executive who joined the company’s board this year.

CFO David Zinsner and Michelle Johnston Holthaus, who is taking on a new role as CEO of the company’s product group, are serving as interim co-CEOs.

The shares rose 15% at $109.88 in New York trading, their biggest single-day gain since December 2011. The stock is up 29% this year.

Intel, once the world’s largest chipmaker, has been struggling with flagging sales and mounting losses — exacerbated by the loss of its...

Shares jumped more than 8% in late trading after the announcement. They had been down 58% this year, closing at $20.91 on Monday.

Nvidia shares suffered a record-setting rout on Monday, losing $279 billion on AI concerns.