Intel Corp. Chief Govt Officer (CEO) Pat Gelsinger earned 1,711 times as a lot because the average worker on the US chipmaker in simply 11 months since he joined in February final yr, a regulatory filing confirmed on Wednesday.
In comparison with Mr. Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel worker in 2020.
Mr. Gelsinger earned $178.6 million in 2021 with inventory awards making up almost 79% of his complete compensation, which was about 698% greater than Mr. Swan’s 2020 pay.
Govt pay has been rising in the US. Apple Inc. CEO Tim Cook dinner earned 1,447 times the average worker’s wage on the tech large in 2021. Shareholders of Apple authorized the pay package deal regardless of proxy advisory agency Institutional Shareholder Providers pushing in opposition to it.
Intel has requested shareholders to vote in favor of its executives’ compensation on the annual stockholder’s assembly on Might 12. It didn’t instantly reply to a Reuters request for remark.
After Mr. Gelsinger took the reins at Intel, as soon as a world chief in chip-making know-how, he unveiled a turnaround technique for the company to regain its dominance in the semiconductor trade, at the moment led by Taiwan’s Taiwan Semiconductor Manufacturing Co.
Intel’s shares rose 6.8% final yr after declining about 17% the yr earlier than because the company confronted a producing disaster and struggled with competitors. The shares have been up 0.3% at $52.41 on Wednesday.
Earlier this month, Intel laid out the primary particulars of a $88 billion funding plan spanning throughout six European Union international locations together with an enormous funding in Germany.
Mr. Gelsinger was CEO of VMWare Inc earlier than he returned to Intel as its high boss. He had spent 30 years at Intel earlier than leaving.
His compensation included one-time new-hire fairness awards with a goal worth of about $110 million, in response to the submitting. — Reuters