Intel to cut employee salaries, CEO pay by 25%: Report
Intel Corp., struggling with a revenue slide, is going ahead with the plan to cut the pay of management staff across the company to save money the firm needs to invest in a turnaround plan.
CEO Pat Gelsinger is taking a 25% cut to his base salary, the chipmaker said. His executive leadership team will see their pay packages reduced by 15%. Senior managers will take a 10% reduction, and the compensation for mid-level managers will be cut by 5%.
Hourly workers and employees below the seventh tier in the company’s system won’t be affected.
“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,” Intel said in 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.”