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Intel slashes some worker, exec pay following PC market fall: report

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Intel is reportedly cutting worker and executive pay amid the company's disappointing quarterly earnings report.

Intel Corp has taken the net step following the release of a disappointing earnings report last week.lower-than-expected sales forecastThe reductions will range from 5% of base pay for mid-level employees to 25% for Chief Executive Pat Gelsinger.The company's hourly workforce's pay will not be cut, said a person familiar with the matter who was not authorized to speak publicly.

Intel spokesperson Addy Burr said in a statement that the "changes are designed to impact our executive population more significantly and will help support the investments and overall workforce."

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Intel's stock is really taking a beating and among its competitors, Intel is really falling behind. They're going to have to make a major turnaround or go the way of being forgotten.

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