- Intel Corp 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 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.
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