Intel cuts management pay and fires 340 employees to preserve cash

Summary by Ground News

As the tech sector continues to bleed dry amid a drop in revenue and earnings, Intel on Tuesday announced it was cutting top management pay. The chipmaker said its CEO Pat Gelsinger was receiving a 25 per cent cut to his basic salary to preserve cash and initiate a recovery process.

Published 2 months ago · Santa Clara, United States

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Times of India

Intel slashes employee, exec pay amid PC market downturn, Telecom News, ET Telecom

Intel: The reductions will range from 5% of base pay for mid-level employees to as much as 25% for Chief Executive Pat Gelsinger, while the company's hourly workforce's pay will not be cut, said a person familiar with the matter who was not authorized to speak publicly.

2 months ago·Mumbai, India

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News18 India

Intel Cuts Employee And Executive Pay By 5-25% Amid PC Market Downturn: Report

Intel spokesperson Addy Burr said the ”changes are designed to impact our executive population more significantly and will help support the investments and overall workforce.”

2 months ago·India

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Reuters

Intel slashes employee, exec pay amid PC market downturn

Intel Corp said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn.

2 months ago·United Kingdom

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NDTV

Intel To Slash Employee Salaries, Cut Top Official's Pay By 25%: Report

Intel Corp on Tuesday confirmed that it has implemented broad employee pay cuts. The reductions will range from 5% of base pay for mid-level employees to as much as 25% for Chief Executive Pat Gelsinger, while the company's hourly workforce's pay will not be cut, a person familiar with the matter told Reuters. Intel spokesperson Addy Burr said the "changes are designed to impact our executive population more significantly and will help support t…

2 months ago·New Delhi, India

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Hindustan Times

Intel cuts employee salaries, CEO pay by 25%: Report

Hourly workers and employees below the seventh tier in the company’s system won’t be affected.

2 months ago·New Delhi, India

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The Star Kuala Lumpur

Intel slashes employee, exec pay amid PC market downturn

(Reuters) - Intel Corp said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn.

2 months ago·Malaysia

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