Intel Slashes Employee, Exec Pay Amid PC Market Downturn

The Intel Corporation logo is seen at a temporary office during the World Economic Forum 2022 (WEF) in the Alpine resort of Davos, Switzerland, on May 25, 2022. Arnd Wiegmann/Reuters

Intel Corp. said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn.

The reductions will range from 5 percent of base pay for mid-level employees to as much as 25 percent for Chief Executive Pat Gelsinger, while the company’s hourly workforce’s pay will not be cut, said a person familiar with the matter who was not authorized to speak publicly.