Compared to Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel employee in 2020.
Compared to Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel employee in 2020.
Pat Gelsinger, CEO of Intel Corp, made 1,711 times the average worker at the US chipmaker in just 11 months since he joined in February last year, a regulatory filing showed on Wednesday.
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Compared to Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel employee in 2020.
Gelsinger earned $178.6 million in 2021, with stock awards accounting for nearly 79% of his total compensation, which was about 698% higher than Swan’s 2020 salary.
Executive salaries have risen in the United States. Apple Inc. CEO Tim Cook made 1,447 times the average salary for an employee at the tech giant in 2021. Apple shareholders approved the compensation package, despite pressure from voting rights advisory firm Institutional Shareholder Services.
Intel has asked shareholders to vote on executive compensation at its May 12 annual meeting. It did not immediately respond to a Reuters request for comment.
After taking over the helm of Intel, once a world leader in chip manufacturing technology, Gelsinger outlined a turnaround strategy for the company to regain its dominance in the semiconductor industry, currently led by Taiwan’s Taiwan Semiconductor Manufacturing Co.
Intel’s shares rose 6.8% last year after falling about 17% the year before as the company faced a manufacturing crunch and struggled with competition. Shares rose 0.3% on Wednesday to $52.41.
Earlier this month, Intel unveiled the first details of an $88 billion investment plan spanning six European Union countries, including a massive investment in Germany.
Gelsinger was CEO of VMWare Inc before returning to Intel as chief executive officer. He had spent 30 years at Intel before leaving.
His compensation included one-time stock awards for new hires, with a target of approximately $110 million, according to the filing.
