Intel shareholders reject compensation packages for top executives

Business

Around 1.78 billion votes were cast against board remuneration at the annual meeting.

Around 1.78 billion votes were cast against board remuneration at the annual meeting.

Intel Corp shareholders rejected compensation packages for top executives, including a payout of up to $178.6 million to Chief Executive Officer Pat Gelsinger, a regulatory filing showed on Monday.

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About 1.78 billion votes were cast against executive pay at the annual meeting, Intel said, although the vote isn’t binding. About 921.2 million votes were cast for it.

“We take our investors’ feedback very seriously and are committed to reaching out to them and addressing their concerns,” Intel said in a statement.

The company said it took specific steps to answer investors’ questions, including linking pay to performance, but added that “there is clearly more work to be done.”

Gelsinger earned more than 1,700 times the chip giant’s typical employee in 2021, according to a March regulatory filing.

Intel forecast its second-quarter sales and profit below Wall Street expectations in April, citing weak demand in its biggest market, PCs, and heightened supply chain uncertainty due to fresh COVID-19 lockdowns in China.

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