Intel CEO Takes Pay Cut Along With Other Executives, Save Costs For Company Overhaul

Anusuya Lahiri
1 min read
5
In this article:

  • Intel Corp (NASDAQ: INTC) CEO Pat Gelsinger took a 25% cut to his base salary as the chipmaker battled a rapid drop in revenue and earnings.

  • Gelsinger's executive leadership team will take a 15% pay cut, Bloomberg reports.

  • Senior managers will take a 10% reduction, and the compensation for mid-level managers will reduce by 5%.

  • Also Read: Intel Restructures Graphics Chip Division To Win Market Share From Nvidia, AMD

  • The pay cuts will likely help preserve cash for Intel's ambitious turnaround plan.

  • Intel prepared to downsize its workforce and slow spending on new plants to save $3 billion annually.

  • The savings will likely reach $10 billion annually by the end of 2025.

  • Intel said fourth-quarter revenue fell 32% year-over-year to $14 billion, below analyst estimates of $14.49 billion.

  • The company reported a loss of 16 cents per share in the fourth quarter, missing analyst estimates of 20 cents per share.

  • Apple Inc (NASDAQ: AAPL) emerged as another tech giant to forgo significant layoffs, slashing CEO Tim Cook's pay by more than 40% to $49 million for 2023.

  • Price Action: INTC shares traded lower by 0.07% at $28.24 premarket on the last check Wednesday.

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article Intel CEO Takes Pay Cut Along With Other Executives, Save Costs For Company Overhaul originally appeared on Benzinga.com

.

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Advertisement

Recommended Stories