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.

A veteran of the semiconductor industry, Lip-Bu Tan has an even longer track record as a technology investor, particularly in Chinese companies.

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.