U.S. 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.

Together, we will work hard to restore Intel’s position as a world-class products company, establish ourselves as a world-class foundry and delight our customers like never before,” Tan said in a letter to Intel employees on Wednesday.

Struggling U.S. chipmaker Intel on Wednesday named former board member Lip-Bu Tan as its CEO effective March 18.

Intel on Wednesday named former board member and chip industry veteran Lip-Bu Tan as its CEO and signaled the struggling but storied chipmaker was unlikely to split up its chip-design and manufacturing operations.

Intel lured new CEO Lip-Bu Tan with a package of stock grants and options valued at $66 million, plus $3 million in salary and cash bonuses, the chipmaker reported late Friday. In addition, Tan will receive annual stock awards valued at no less than $24 million beginning next year.

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.