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.

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.

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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.