Intel shareholders reject executive compensation packages

May 16 (Reuters) – Intel Corp (INTC.O) shareholders have rejected top executive compensation plans, including a payout of up to $178.6 million to CEO Pat Gelsinger, a regulatory filing said on Monday. .

About 1.78 billion votes were cast against executive pay at the annual meeting, Intel said, although the vote was not binding. About 921.2 million votes were cast in favour.

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

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The company said it had taken specific steps to respond to investor questions, including linking pay to performance, but added “there clearly remains work to be done”.

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

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

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Reporting by Ananya Mariam Rajesh in Bengaluru; Editing by Anil D’Silva

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