The cuts will impact executives ranging from CEO Pat Gelsinger to mid-level managers. Gelsinger will have his base salary cut by 25%.
Gelsinger's pay cut would be a little over $312,000. Like many chief executives, the vast majority of Gelsinger's compensation is from stock awards and options. Gelsinger's base pay was $1.25 million, according to his offer letter, or just a small fraction of his nearly $179 million in total compensation for 2021, his first year in the top job.
Intel's pay cuts will also impact executives further down the line, the company told the Journal. Executive team members will take a 15% cut. Senior managers and midlevel managers will see pay slashed by 10% and 5%, respectively. Lower-level employees would not be affected by pay cuts, the company told"As we continue to navigate macro-economic headwinds and work to reduce costs across the company, we've made several adjustments to our 2023 employee compensation and rewards programs.
The company reported a net loss of $644 million for the fourth quarter of 2022 and offered a weak 2023 outlook including a 40% year-over-year decline in sales in the March quarter. Intel rival
That $300 million they committed in 2015 for diversity and inclusion seems to maybe should have been spent on R&D. It is very difficult, if not impossible to right this ship. Intel is bloated with nearly 10 times the employees of their comp. Bad model. Woke=Broke
DEC called, they want their riches to rags story back.
buy this stock? looks lower. Lots....
Maybe he should just be fired...
They all need to be removed for political crimes. Sammy Cash used. FBI coverups. Russia Russia Russia Adam Schiff has proof on his desk. So delusional. Is it that all DNC members are using Fentanyl? Why are they not STOPPING FENTANYL now! Sammy Cash payments ooppsy
Everyone using AMD lol
They should get paid min. Wage.
The cicely of recessions is being followed consistently. Lower real income, lower consumption, lower sales, lower earnings, lower employment and slowly deeper and deeper to recession.