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Reductions in management base pay come as Intel pursues as much as $10 billion in annual cost reductions and efficiency gains
Intel Corp. Chief Executive Pat Gelsinger and other managers are taking pay cuts, days after the company posted quarterly earnings that disappointed Wall Street.
Mr. Gelsinger, in the top job for two years, will see his base pay reduced 25%, Intel said. Other cuts will be staggered, the company said, with base-pay hits of 15% for members of the executive team, 10% for senior managers and 5% for midlevel managers.