Intel CEO earned 1,711 times more than average company worker in 2021
Intel Executive Officer Pat Gelsinger earned 1,711 times as much as the average worker at the US chipmaker in just 11 months since he joined in February last year, a regulatory filing showed on Wednesday (Mar 30).
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Compared to Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel employee in 2020.
Gelsinger earned US$178.6 million in 2021 with stock awards making up nearly 79 per cent of his total compensation, which was about 698 per cent higher than Swan's 2020 pay.
Executive pay has been rising in the United States. Apple Inc CEO Tim Cook earned1,447 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. It did not immediately respond to a Reuters request for comment.
After Gelsinger took the reins at Intel, once a world leader in chip-making technology, he unveiled a turnaround strategy for the company to regain its dominance in the semiconductor industry, currently led by Taiwan's Taiwan Semiconductor Manufacturing.