Intel’s CEO earned 1,711 times more than the company’s average worker in 2021

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March 30 (Reuters) – Intel Corp CEO Pat Gelsinger has earned 1,711 times more than the average worker at the U.S. chipmaker in just 11 months since joining in February last year, a regulatory filing https ://www.sec.gov/Archives/edgar/data/50863/000005086322000011/proxy2022.htm#i6719adb9ba3442c68ac29da6ef1c1f7f_256 released Wednesday.

Compared to Gelsinger, former CEO Bob Swan earned 217 times more than the average Intel employee in 2020.

Gelsinger earned $178.6 million in 2021, with stock awards accounting for nearly 79% of his total compensation, about 698% more than Swan’s 2020 salary.

Executive compensation has increased in the United States. Apple Inc CEO Tim Cook earned 1,447 times the average employee salary at the tech giant in 2021. Apple shareholders approved the pay package despite pressure from the consulting firm in vote Institutional Shareholder Services.

Intel has asked shareholders to vote in favor of its executive compensation at the May 12 annual meeting of shareholders. He did not immediately respond to a Reuters request for comment.

After Gelsinger took over the reins of Intel, once the world’s leader in chipmaking technology, he unveiled a turnaround strategy for the company to regain its dominance in the semiconductor industry, currently led by the Taiwanese company Taiwan Semiconductor Manufacturing Co.

Intel shares rose 6.8% last year after falling about 17% the previous year as the company faced a manufacturing slump and battled competition. The shares rose 0.3% to $52.41 on Wednesday.

Earlier this month, Intel presented the first details of an $88 billion investment plan spanning six European Union countries, including a massive investment in Germany.

Gelsinger was CEO of VMWare Inc before returning to Intel as a top boss. He had spent 30 years at Intel before leaving.

His compensation included one-time stock awards to new hires with a target value of about $110 million, according to the filing. (Reporting by Chavi Mehta in Bengaluru; Editing by Shinjini Ganguli)

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