Intel shareholders reject exec compensation packages

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Intel shareholders reject exec compensation packages

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

About 1.78 billion votes were cast against executive compensation at the annual meeting, Intel said, though the vote is non-binding. About 921.2 million votes were cast in favour.

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

The company said it had taken specific steps to address investor questions, including linking pay to performance but added: "there is clearly more work to do".

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

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

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