Intel Corp. awarded Chief Executive Officer Pat Gelsinger compensation last year that could be worth nearly $180 million, tying much of it to whether his sweeping turnaround effort at the chip giant sparks a sharp improvement in its stock price.

The pay package of $178.6 million for 2021, disclosed Wednesday in Intel’s annual proxy filing Wednesday with the Securities and Exchange Commission, ranks Mr. Gelsinger second among S&P 500 company CEOs as of Wednesday. Only Discovery Inc. CEO David Zaslav received more, at $246.6 million, according to SEC filings. In a distant third place is Apple Inc. CEO Tim Cook, at almost $100 million last year.