Intel Corp. is cutting executive and employee pay as it struggles to navigate a sharp downturn in sales. Just days after posting brutal quarterly results , the chipmaker Tuesday evening confirmed the move, with reductions reportedly ranging from a 25% cut to CEO Pat Gelsinger’s base pay down to a 5% trim for midlevel employees. Contributions to 401(k) plans were also being reduced and merit raises and quarterly bonuses halted. “As we continue to navigate macroeconomic headwinds and work to reduce costs across the company, we’ve made several adjustments to our 2023 employee compensation and rewards programs,” the company said, according to an emailed statement. “These changes are designed to impact our executive population more significantly and will help support the investments and overall workforce needed to accelerate our transformation and achieve our long-term strategy.” Want more Portland business news? Sign up for our daily email newsletters. Intel (Nasdaq: INTC) began layoffs late last year in an effort to shave $3 billion in spending this year on the way to reductions of as much as $10 billion in 2025, although no job cuts have been formally announced in Oregon. Intel is the largest private employer in Oregon with about […]
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
K&X Design and Investment Technology, LLC
Invest The Invisible Impact
