Intel announced a pay cut for the CEO and top management. This comes after the company reported 32% earnings in the fourth quarter of 2022 due to poor processor sales.

The company said that the decline in this indicator is a record in 21 studies. The previous maximum drop was recorded in the first quarter of 2009 and amounted to 26%.

According to the results of the last quarter, net losses of Intel turned out to be $664 million.

Based on the results of consideration of the council, Intel decided to reduce the salary of the company’s CEO Pat Gelsinger by 25% or $312,000. Top management salaries will also be reduced by 15%, senior managers will receive 10% less and public middle managers by 5%. Salaries of ordinary workers are removed without changes. [CNBC]

Source: Iphones RU

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