U.S. chipmaker Intel's new CEO Lip-Bu Tan will receive an initial base salary of $1 million, the company said in a regulatory filing on Friday. Tan, who will take charge on March 18, will also be eligible for an annual cash bonus with a target payout of 200% of his base salary.

The 65-year-old seasoned professional from the semiconductor sector, who has held a board position at Intel in the past, is responsible for enhancing efforts to bring the company back to the leading position in an industry it ruled for many years.

Intel has a new boss. The new chief executive officer is Lip-Bu Tan, a former Intel board of directors member and chip software maker Cadence Design Systems. He’s promising to “double down” on things that are working and “take calculated risks” where things aren’t working nearly as well.

Intel named its new CEO on Friday. The tech giant appointed Lip-Bu Tan as its new chief executive officer (CEO) and revealed that he would receive a base salary of $1 million along with an opportunity to earn an annual cash bonus of up to $2 million.

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