Intel CEO Takes 25 Percent Pay Reduction Amid Company-Wide Cuts

Yeah, baker, we got some news from Intel. It's still dealing with the aftermath of a shaky end to 2020 to the chip maker. Now cutting management pay across the board to cope with an uneasy economy and save cash for its turnaround plan until Ceo is taking a 25% cut to his base salary. The executor Leadership team will also see their pay packets decreased by 15%. Meanwhile, senior managers will take a 10% reduction and the compensation for mid level managers will be cut by 5%. The move follows a gloomy outlook from Intel last week, when the company predicted one of its worst quarters ever bigger.