Intel cutting pay as sales suffer, cost pressures mount - Phoenix Business Journal

Intel Corp. is cutting executive and employee pay as it struggles to navigate a sharp downturn in sales. , the chipmaker on Tuesday confirmed the move, with reductions reportedly ranging from a 25% cut to CEO Pat Gelsinger’s base pay down to a 5% trim for midlevel employees. Contributions to 401 plans were also being reduced and merit raises and quarterly bonuses halted.

“As we continue to navigate macroeconomic headwinds and work to reduce costs across the company, we’ve made several adjustments to our 2023 employee compensation and rewards programs,” the company said, according to a statement . “These changes are designed to impact our executive population more significantly and will help support the investments and overall workforce needed to accelerate our transformation and achieve our long-term strategy.”late last year in an effort to shave $3 billion in spending this year on the way to reductions of as much as $10 billion in 2025, although no job cuts have been formally announced in Oregon.

Intel is one of the largest employers in Arizona with about 12,000 workers based at its Ocotillo Campus in Chandler, where it is building two new manufacturing facilities.to build a $700 million data center research lab in Oregon. Intel last week reported revenue fell by nearly a third year-over-year in the fourth quarter of 2022, delivering the chipmaker a $664 million loss as it continued to suffer from dismal PC and data-center markets and competitive pressures. The company forecast first-quarter revenue of $11 billion, down 40% from last year, and declined to give further guidance, citing “unprecedented volatility.”

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Intel cutting pay as sales suffer, cost pressures mount - Phoenix Business JournalReductions reportedly include a 25% cut to CEO Pat Gelsinger’s base pay and a 5% trim for midlevel employees.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Honeywell Aerospace (HON) to test sustainable fuels in Phoenix - Phoenix Business JournalHoneywell said it received its first delivery of sustainable aviation fuel and will be using it in support development and production testing for auxiliary power units and propulsion engines.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Case-Shiller report Phoenix has largest cool off in home price growth - Phoenix Business JournalContinuing a trend that has accelerated in the past few months, Phoenix has seen the largest cooling in home price growth among the nation's biggest metropolitan areas, according to the latest data released Jan. 31.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Valley web design firms set their sites on performance and security - Phoenix Business JournalWeb design firms answer the Phoenix Business Journal's questions on how companies use websites in 2023 and the cybersecurity involved in building and maintaining them.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Salad and Go to open 2 new Valley locations ahead of Super Bowl - Phoenix Business JournalThe popular drive-thru salad chain is rapidly expanding. Here are the latest locations set to open over the next two weeks.
Source: phxbizjournal - 🏆 254. / 63 Read more »

Salad and Go to open 2 new Valley locations ahead of Super Bowl - Phoenix Business JournalThe popular drive-thru salad chain is rapidly expanding. Here are the latest locations set to open over the next two weeks.
Source: phxbizjournal - 🏆 254. / 63 Read more »