These CEOs are taking pay cuts to prevent layoffs, economic hardship

this year, part of an effort to cut costs and prevent layoffs. Gelsinger will be joined by other top executives at the company, who also are taking salary cuts ranging from 5% to 15%.

"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," an Intel spokesperson told Insider's Aidan Pollard. , bringing his salary to $25 million.

Per a filing with the SEC, his base salary remained unchanged at $2 million, and he made $23 million in annual variable compensation, down from $33 million the year prior.

Source: News Formal (newsformal.com)

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