Intel Slashing CEO, Managers’ Pay in a Bid to Preserve Cash (1)

Intel Corp., struggling with a rapid drop in revenue and earnings, is cutting management pay across the company to cope with a shaky economy and to preserve cash for an ambitious turnaround plan.

Chief Executive Officer Pat Gelsinger is taking a 25% cut to his base salary, the chipmaker said Tuesday. His executive leadership team will see their pay packages decrease by 15%. Senior managers will take a 10% reduction and mid-level managers a 5% cut. Shares slipped 0.6% to $28.10 at about 9:40 a.m. in New York. The stock lost almost half its value last year.

Intel CEO Pat Gelsinger is taking a 25% salary cut.

Photographer: Michael Nagle/Bloomberg

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