In just 11 months since joining Intel Corp in February last year, Chief Executive Officer Pat Gelsinger made 1,711 times more than the typical worker at the U.S. chipmaker, according to a regulatory filing released on Wednesday.
Former CEO Bob Swan made 217 times more than the typical Intel employee in 2020 than Gelsinger.
In 2021, Gelsinger was paid $178.6 million, with stock awards accounting for about 79 percent of his total salary, which was nearly 698 percent more than Swan’s income in 2020.
Executive pay has been rising in the United States. Apple Incorporated, CEO Tim Cook earned 1,447 times the average employee’s salary at the tech giant in 2021. Shareholders of Apple approved the pay package despite proxy advisory firm Institutional Shareholder Services pushing against it.
Intel has asked shareholders to vote in favor of its executives’ compensation at the annual stockholder’s meeting on May 12.
In the United States, executive compensation has been increasing. Tim Cook, the CEO of Apple Incorporated, earned 1,447 times the average employee’s wage in 2021. Despite the opposition of proxy consulting firm Institutional Shareholder Services, Apple shareholders accepted the remuneration deal.
At the annual stockholders meeting on May 12, Intel has requested shareholders to vote in support of executive remuneration. It did not react to a request for comment from Reuters right away.
After taking over as CEO of Intel, which was formerly the world leader in chip-making technology, Gelsinger launched a turnaround strategy to help the business reclaim its supremacy in the semiconductor sector, which is presently led by Taiwan Semiconductor Manufacturing Co.
Intel’s stock increased 6.8% last year after falling almost 17% the year before as the firm grappled with a manufacturing issue and competition. On Wednesday, the stock was up 0.3 percent to $52.41.
Intel unveiled the first outlines of a $88 billion investment plan covering six European Union nations, including a significant investment in Germany, earlier this month. find out more
Before returning to Intel as its CEO, Gelsinger was the CEO of VMWare Inc. Before leaving Intel, he had worked there for 30 years.
According to the document, his pay included one-time new-hire stock awards with a target value of nearly $110 million.