Intel CEO Pat Gelsinger holds a wafer as he speaks on stage at Intel Investor Day in San Francisco, California, on February 17, 2022. Intel Corporation/Handout via REUTERS
March 30 – Intel Corp (INTC.O) chief executive officer Pat Gelsinger has made 1,711 times the average worker at the US chipmaker in just 11 months since joining in February last year, as a Application for approval on Wednesday showed.
Compared to Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel employee in 2020.
Gelsinger earned $178.6 million in 2021, with stock awards accounting for nearly 79% of his total compensation, which was about 698% higher than Swan’s 2020 salary.
Executive salaries have risen in the United States. Apple Inc (AAPL.O) CEO Tim Cook made 1,447 times the average salary for an employee at the tech giant in 2021. Apple shareholders approved the pay package despite pressure from voting rights advisory firm Institutional Shareholder Services.
Intel has asked shareholders to vote on executive compensation at its May 12 annual meeting. It did not immediately respond to a Reuters request for comment.
After taking over the helm of Intel, once a world leader in chip manufacturing technology, Gelsinger outlined a turnaround strategy for the company to regain its dominance in the semiconductor industry, currently controlled by Taiwan’s Taiwan Semiconductor Manufacturing Co (2330.TW). to be led.
Intel’s shares rose 6.8% last year after falling about 17% the year before as the company faced a manufacturing crunch and struggled with competition. Shares rose 0.3% on Wednesday to $52.41.
Earlier this month, Intel unveiled the first details of an $88 billion investment plan spanning six European Union countries, including a massive investment in Germany. Continue reading
Gelsinger was CEO of VMWare Inc (VMW.N) before returning to Intel as chief executive officer. He had spent 30 years at Intel before leaving.
His compensation included one-time stock awards for new hires, with a target of approximately $110 million, according to the filing.
Reporting by Chavi Mehta in Bengaluru; Editing of Shinjini Ganguli