SAN FRANCISCO (AP) — Intel CEO Paul Otellini received a pay package valued at $18.9 million last year as he prepared to retire, bowing out from a challenge posed by the growing popularity of mobile devices that have curtailed the demand for the company’s personal computer chips.

The amount disclosed in a Wednesday regulatory filing represents a 10 percent increase from Otellini’s total compensation in 2011, based on a formula used by The Associated Press.

Recommended Stories

Illinois man charged in white powder mail hoax targeting members of Congress

US military will do ‘space-based logistics’ in ‘our lifetimes’: Caine

Appeals court rejects DOJ’s expedited bid to set aside 20,000 California mail ballots