According to Bloomberg’s latest reports, and with Intel’s revenue declining, the company It will reduce the salary of its CEO, Pat Gelsinger, by 25%. In addition to the CEO, Intel is also going to cut the pay of other management teams. In this regard, it has been reported that Pat Gelsinger, the executive director of this company, has reduced his salary by 25% and the rest of the leadership team of this company is also facing a 15% salary reduction.
Senior managers of this company will face a 10% salary cut and middle managers will also face a 5% salary cut. Intel shares have lost almost half of their value in the past year. Intel said in a statement that the company is working to weather macroeconomic headwinds and will continue to cut costs across the board.
In this regard, other changes are going to take place in the compensation of the employees of this company in 2023. However, Intel stated that these changes will mostly affect the executive and management of the company, but support for the company’s workforce and Intel’s long-term strategy will remain. Gelsinger has been the CEO of Intel for several years, and under his supervision, this company is going to develop a new product line in the near future.
Intel will also open new factories in Europe and the United States as the company tries to regain its top spot in the computer processor segment and compete with AMD. Intel is not the only big company that has reduced the salaries of its managers by 25%, and Apple, another top technology company, by ignoring the massive layoffs, has reduced CEO Tim Cook’s salary by more than 40% to $49 million a year. Is. Some other prominent American financial companies, such as Apple, have taken similar steps and reduced the salaries of their management team instead of laying off their employees.
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