Intel's Otellini gets 17 percent pay increase

Intel CEO Paul Otellini would have been cheered by the opening of his salary package this year.

According to a  filing with the US Securities and Exchange Commission he saw his salary go up by a whopping 17 percent.

Apparently, this was a reward for guiding the company out of the recession and removing a pay freeze for all employees.

Otellini got total compensation, including cash and equity awards, of $14.12 million in fiscal 2009, compared to a package of around $12.1 million in fiscal 2008.

His base salary was the same as last year, just a million dollars. However, his cash compensation jumped 28 percent to $6.25 million.

There were also equity benefits totalling $7.87 million which were tied to company performance.

All this extra cash was mostly because Intel made a bob or two in 2009 despite Otellini having to sign a $1.45 billion cheque to cheer up the European Commission, and a settlement agreement payment to Advanced Micro Devices of $1.25 billion.

Sean Maloney, Intel’s executive vice president was paid $6.27 million, which is a 27 percent increase. Maloney was considered by many to be the heir apparent to Otellini and is on medical leave recovering from a stroke.