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Intel CEO Takes Pay Cut as Chip Maker Targets Cost Reductions

February 1, 2023


Intel Corp. Chief Executive Pat Gelsinger and other managers are taking pay cuts, days after the chip maker posted quarterly earnings that disappointed Wall Street and spurred a downgrade in the company’s credit rating.

Mr. Gelsinger, in the top job for two years, will see his base pay reduced 25%, Intel said. Other cuts will be staggered, the company said, with base-pay hits of 15% for members of the executive team, 10% for senior managers and 5% for midlevel managers.

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