Intel is Cutting Top Wages

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The American chip manufacturer Intel, struggling with rapidly declining revenues, is slashing the salaries of the top of the company. Intel announced that CEO Pat Gelsinger is handing in a quarter of his base salary.

 

The management layers under Gelsinger have to lose 5 to 15 percent salary. The company said in a statement that it is facing macroeconomic headwinds and is working to reduce costs across the organization.

Intel saw its turnover fall sharply in the fourth quarter of last year, and it was announced last week. The group, one of the largest chip companies in the world, is suffering from weaker demand for semiconductors for computers and data centres due to the cooling economy. As a result, revenues fell 32 percent to $14 billion. Net loss was $664 million.

For the first quarter of this year, the company from Santa Clara, California, expects a much lower turnover than analysts had expected.

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