Micron to cut executive salaries by up to 20%

In a regulatory filing, Micron said, as part of the significant steps previously announced by management to reduce the costs and operating expenses of Micron Technology, on February 5, the Compensation Committee of Micron’s Board of Directors approved a reduction of the annual base salaries of Micron’s Chief Executive Officer, Chief Financial Officer, and other named executive officers by 20% for the Chief Executive Officer, 15% for each NEO that is an executive vice president, and 10% for the NEO that is a senior vice president, effective with the payroll period commencing February 5, and continuing at the reduced amount through the remainder of Micron’s 2023 fiscal year. Bonuses for all NEOs have also been suspended for fiscal 2023. As a result of these actions, the reduction in fiscal 2023 target total cash compensation for each of Micron’s NEOs ranges from 53% to 75%. On February 5, the Compensation Committee agreed to amend the severance agreements in place with Micron’s Chief Executive Officer, Chief Financial Officer, and other NEOs, to provide that any severance benefits received pursuant to the agreements will be determined using the annual base salaries in effect immediately before the Reduction. Micron is also reducing base salaries among a broad group of its executive level employees. In addition, Micron’s Board of Directors voluntarily reduced the cash compensation of the non-employee members of the Board by 20% effective with the next full non-executive director compensation period and continuing at the reduced amount through fiscal 2023.