Lip-Bu Tan will get a $1 million base annual salary for leading Intel, but his performance-related bonuses are worth so much more than that.

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.

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’s newly appointed CEO, industry veteran Lip-Bu Tan, is set to receive a $1 million annual salary, with the potential to earn up to $2 million in bonuses each year, according to a regulatory filing.

Intel (NASDAQ: INTC) has appointed Lip-Bu Tan as its new CEO, effective March 18, with a $1 million annual salary and up to $2 million in potential cash bonuses, according to a regulatory filing on Friday.

Incoming Intel CEO Lip-Bu Tan faces the challenge of turning around the chipmaker, which employs 20,000 workers in the Portland area.