Intel CEO Pat Gelsinger

Intel shareholders refused Compensation packages for top executives, including payments of $ 178.6 million (Rs 2.9 billion) to CEO Pat Gelsinger, the regulations said Monday.

About 1.78 billion votes were cast against executive compensation at the annual meeting, Intel said, although voting is not mandatory. About 921.2 million votes voted in favor.

“We take our investor feedback very seriously and are committed to engaging with them and addressing their concerns,” Intel said in a statement.

The company said it had taken concrete steps to address investor issues, including linking wages to productivity, but added that “it is clear that work needs to be done.”

In 2021, Helsingor earned more than 1,700 times more than a typical employee of the chip giant, according to regulations in March.

Intel forecast revenue and earnings in the second quarter of April below Wall Street expectations, citing weak demand in its largest market, PCs, and growing supply chain uncertainty due to new Covid-19 blockades in China. – Ananya Mariam Rajesh, (c) 2022 Reuters

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