HIGHLIGHTS
- Tim Cook, CEO of Apple, earned 1,447 times the average employee compensation.
- Last year, Intel's stock increased 6.8 percent.
- On Wednesday, the stock was up 0.3 percent to $52.41 (approximately Rs. 4,000).
Intel CEO Pat Gelsinger made 1,711 times the average worker at the US chipmaker in just 11 months after joining in February last year, according to a regulatory filing on Wednesday.
In 2020, former CEO Bob Swan made 217 times more than the typical Intel employee than Gelsinger.
Gelsinger got $178.6 million (about Rs. 1,352 crore) in 2021, with stock awards accounting for almost 79 percent of his total income, which was approximately 698 percent greater than Swan's salary in 2020.
In the United States, executive compensation has been increasing. In 2021, Apple CEO Tim Cook earned 1,447 times the average employee wage at the tech behemoth. 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 immediately reply to a request for comment from Reuters.
After taking over at Intel, previously a world leader in chip-making technology, Gelsinger launched a turnaround strategy to reclaim the company's supremacy in the semiconductor sector, which is presently led by Taiwan's Taiwan Semiconductor Manufacturing Co.
Intel's stock increased 6.8 percent last year after falling almost 17 percent the previous year as the firm dealt with a manufacturing issue and a competitive environment. On Wednesday, the stock was up 0.3 percent to $52.41 (approximately Rs. 4,000).
Intel revealed the first outlines of a $88 billion (approximately Rs. 6,66,470 crore) investment plan across six European Union nations, including a large investment in Germany, earlier this month.
Gelsinger was the CEO of VMWare Inc before returning to Intel as CEO. Before leaving Intel, he had worked there for 30 years.
According to the filing, his pay includes one-time new-hire stock awards with a target value of nearly $110 million (about Rs. 833 crore).
