Intel CEO Pat Gelsinger earned 1,711 times as much as the average worker at the American chipmaker in just 11 months since he started in February last year, a government report showed on Wednesday.
Compared to Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel employee by 2020.
Gelsinger earned $ 178.6 million (approximately Rs 1,352 crore) in 2021 with share awards accounting for nearly 79 percent of his total remuneration, which was approximately 698 percent higher than Swan’s salary for 2020.
Executive salaries have risen in the United States. Apples vd Tim Cook served 1,447 times the average employee’s salary at the technology giant in 2021. Shareholders in Apple approved the salary package despite the fact that the proxy consulting firm Institutional Shareholder Services encountered it.
Intel has asked shareholders to vote for their executives’ remuneration at the May 12 Annual General Meeting. They did not immediately respond to a request for comment from Reuters.
After taking the reins at Intel, once a world leader in chip manufacturing technology, Gelsinger presented 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 share rose 6.8 percent last year after falling by about 17 percent the year before when the company was facing a manufacturing crisis and struggling with competition. The stock rose 0.3 percent to $ 52.41 (about Rs 4,000) on Wednesday.
Earlier this month, Intel unveiled the first details of a $ 88 billion (approximately $ 6,666,470) investment plan spanning six EU countries, including a massive investment in Germany.
Gelsinger was CEO of VMWare Inc before returning to Intel as its top executive. He had spent 30 years at Intel before leaving.
His compensation included one-time awards for new leased shares with a target value of approximately $ 110 million (approximately Rs 833 crore), according to the application.
© Thomson Reuters 2022