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.”
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