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Intel Shareholders Reject Pay Package for Top Executives

Stock Markets May 17, 2022 09:06
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Intel (NASDAQ:INTC) shareholders rejected the pay package for the company’s top executives, according to the regulatory filing published on Monday.

While the vote for the compensation package was advisory and will not affect Intel’s top executives right away, the decision suggests that some Intel shareholders are keeping a close eye on the performance of Chief Executive Pat Gelsinger and the progress of the company’s remedial plan.

Shareholders accounting for around 920 million Intel shares have voted for the pay package, while shareholders representing 1.77 billion shares voted against it.

The vote marks the latest in a series of instances where shareholders voted against executive pay packages. Last month, AT&T (NYSE:T) investors also rejected an executive compensation package, a total of 16 companies had their executive compensation packages rejected by investors in 2021.

Pat Gelsinger became Intel’s CEO in February last year and received a pay package of $178.59 million a few months later, a financial filing showed. The package consisted of more than $1 million in salary, a $1.75 million bonus, more than $140 million in stock compensation and almost $30 million in option awards.

Gelsinger has been on a mission to help Intel turn its business around after the chip giant started to see a drop in growth and lose market share to its rival AMD.

Last week, two major investor advisory firms said Amazon (NASDAQ:AMZN) shareholders should vote against the compensation package of CEO Andy Jassy and other executives, citing substantial stock awards executives are set to receive regardless of the e-commerce company’s performance in the future.

Amazon investors are set to participate in a vote later this month and voice their opinion on how the company should compensate its top executives. However, advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have both advised investors to reject the compensation package.

By Senad Karaahmetovic

Intel Shareholders Reject Pay Package for Top Executives
 

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