Intel cuts all executive pay, CEO Kissinger cuts by 25%

According to Bloomberg News, due to the rapid decline in revenue and profits, Intel said a few days ago that it is planning to cut the management compensation of the entire company. 15% down.

In addition, top managers will take a 10% pay cut, while middle managers will take a 5% cut. Hourly employees and employees below level seven in the company system will not be affected.

Intel said in a statement: “As we continue to address macroeconomic headwinds and work to reduce costs across the company, we have made several adjustments to our employee compensation and incentive programs through 2023. management groups and will help support the investment and overall workforce needed to accelerate transformation and deliver on our long-term strategy."

Intel not long ago released its 2022 Q4 and full-year financial reports. Q4 revenue plummeted by 1/3, setting a new low quarterly revenue since 2017. Intel's stock price closed down 6.41% on the 27th, and its market value evaporated by about 8 billion US dollars.

Kissinger bluntly said that "Intel's fourth quarter is very difficult." In addition, Intel expects to continue to suffer losses in Q1 this year.