Intel CEO's salary takes a hit.
Summary: Intel has taken a few blows over the last couple of years as it struggles to gain a foothold in the mobile technology arena. From ...
Intel has taken a few blows over the last couple of years as it struggles to gain a foothold in the mobile technology arena. From exploring partnerships with China's largest search engine, to seeking to launch a pay-TV business, Intel has attempted a few projects that would effectively put its name on the map of mobile and newer technologies that are going full-steam-ahead. Despite these efforts, Intel has not been able to secure market share in up-and-coming technologies that would successfully push it forward into the next information age, and it has admitted so. Even the company's chairman Andy Bryant came out last year with the admission that the company has "lost its way". And the top executives are indeed feeling the burn: Chief Executive Brian Krzanich's pay was nearly halved in 2013.
The Wall Street Journal reports that Krzanich's pay in 2013 was valued at $9.6 million, down from $15.9 million the previous year. He became CEO in May 2013, taking over for Paul Otellini, who stepped down.
The company did experience an executive compensation shift earlier this year, InsideCounsel's Zach Warren writes that Intel has particularly felt a disconnect between shareholders and executives: "In 2013, only 68 percent of voters approved the proposed say on pay plan. Britt Wittman, Intel director of executive compensation, claims the company has assuaged shareholder fears through changes this year, most notably confirming that there would be no retention awards this year."
Intel's struggles largely have to do with the sluggish PC business; the PC market has given way to mobile enterprises and technologies that have trounced the once-behemoth personal computer. Of course, the PC market isn't going away any time soon, but the smartphone and tablet markets have skyrocketed so aggressively into the forefront of consumer electronics, that those companies -- like Intel, and some would say Microsoft -- that have failed to launch successful mobile products are being left in the dust.
Intel will always have its microchip business, but as long as it struggles to become relevant in alternate markets, its executives could continue to see a drop in pay.
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|Date:||Apr 4, 2014|
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