In just 11 months since joining Intel Corp in February last year, Chief Executive Officer Pat Gelsinger earned 1,711 times the average worker at the U.S. chipmaker, according to a regulatory filing released on Wednesday.
Former CEO Bob Swan earned 217 times more than the typical Intel employee in 2020 than Gelsinger.
In 2021, Gelsinger was paid $178.6 million, with stock awards accounting for about 79 per cent of his total salary, which was nearly 698 percent more than Swan’s income in 2020.
In the United States, executive pay has been increasing. Tim Cook, the CEO of Apple Inc , will earn 1,447 times the typical Apple employee in 2021. Despite proxy advisory firm Institutional Shareholder Services’ opposition, the remuneration package was authorised by the company’s shareholders.
At Intel’s annual stockholders meeting on May 12, the corporation has requested shareholders to vote in favour of executive compensation.
After taking over as CEO of Intel, which was formerly the world leader in chip-making technology, Gelsinger launched a turnaround strategy to help the business reclaim its dominance in the semiconductor sector, which is currently led by Taiwan Semiconductor Manufacturing Co. (2330.TW).
TSMC’s sophisticated processor technology is years ahead of Intel’s.
Intel’s stock rose 6.8% last year after falling nearly 17% the year before as the company grappled with a manufacturing crisis and competition.
Intel unveiled the first outlines of a $88 billion investment plan spanning six European Union countries, including a significant investment in Germany, earlier this month.
Before returning to Intel as its CEO, Gelsinger was the CEO of VMWare Inc . Before leaving Intel, he had worked there for 30 years.
According to the document, his pay included one-time new-hire equity awards with a target value of nearly $110 million.
(Adapted from Reuters.com)