Intel said last week that its profit margins were shrinking as the PC market cooled after several years of growth during the pandemic.
Gelsinger also acknowledged that Intel has “stumbled” and lost market share to rivals such as Advanced Micro Devices Inc., which on Tuesday reported quarterly sales that were above Wall Street’s expectations.
A person familiar with Intel’s pay cuts said that in addition to a 5% cut for mid-level employees, vice president-level employees would take a 10% cut and the company’s top executives other than the CEO would take a 15% cut.
The company has slashed its 401(k) matching program from 5% to 2.5% and suspended merit raises and quarterly performance bonuses, the person said.
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