Intel (NASDAQ: INTC) has stated that it is making company-wide pay cuts when it comes to its employees and its executives. While the chip maker’s CEO Pat Gelsinger would take a pay cut of 25%, mid-level employees will see their salaries reduced by 5% of their base pay.
However, the company will not slash the hourly rate of its workforce, according to Reuters. Intel’s spokesperson commented that the “changes are designed to impact our executive population more significantly and will help support the investments and overall workforce.”
This reduction in pay comes as the stock has been hammered after its disastrous Q4 results and a weak outlook.
Analysts remain sidelined about INTC stock with a consensus Hold rating based on three Buys, 17 Holds and eight Sells.
