Intel is cutting the pay of its managers and senior executives, in an unusual cash-saving move by the chipmaker to weather an expected downturn in the first half of this year.
Cuts to base pay start at 5 per cent for mid-level workers and rise to 25 per cent for chief executive Pat Gelsinger, according to one person familiar with the details. The executive leadership team around Gelsinger will take a 15 per cent pay cut, while other senior managers will see a 10 per cent reduction.
However, the cuts only affect base salaries and some other minor benefits. They will not impact the bonuses and stocks that make up a significant part of top executives’ overall package.
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