Intel shareholders reject compensation package & payout of $178.6 million

According to a regulatory filing on Monday, shareholders rejected compensation packages, including a payout of up to $178.6 million to Chief Executive Officer Pat Gelsinger.

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According to a regulatory filing on Monday, shareholders rejected compensation packages, including a payout of up to $178.6 million to Chief Executive Officer Pat Gelsinger.

The annual meeting received almost 1.78 billion votes opposing executive remuneration. According to Intel, albeit the vote is non-binding. A total of 921.2 million people voted in favor.

The business stated that it had taken specific actions to address investor concerns. Including connecting pay to performance. But that “obviously more work remains to be done.”

According to a regulatory filing in March. Gelsinger earned more than 1,700 times the average employee at the chip maker in 2021.

Missed Expected Earnings

Intel missed Wall Street projections for second-quarter revenue. And earnings in April, blaming sluggish demand in its largest market, PCs. As well as increasing supply-chain insecurity owing to new COVID-19 lockdowns in China.

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