Pat Gelsinger, the CEO of Intel Corp, should not be too concerned about high prices caused by inflation, because in 2021 the executive earned 1,711 times more than the average worker in the company he manages.
According to information from Reuters, in only 11 months since he joined in February of last year, Gelsinger earned $178.6 million, where stock awards represented almost 79% of his total compensation.
Compared to Gelsinger, former CEO Bob Swan earned 217 times more than the average Intel employee in 2020. Which means that the current CEO of Intel received approximately 698 % more income than Swan in 2020.
Gelsinger used to run VMWare Inc. before returning to Intel as its CEO, although you have to remember that he had spent 30 years at Intel before leaving.
On his return, Gelsinger revealed a turnaround strategy for the company to regain its dominance in the semiconductor industry, currently led by Taiwan Semiconductor Manufacturing Co. of Taiwan.
Plans for Gelsinger began to deliver results and Intel shares rose 6.8% last year after falling 17% last year. previous year when the company faced a manufacturing crisis and struggled with the competition.
Most recently, at the beginning of the month , Intel presented the advance of an investment plan of $88,000 million spanning six European Union countries, including a massive investment in Germany.
Gelsinger’s compensation included one-time capital awards for new employees with a target value of about $$110 million dollars, according to regulatory documents to which Reuters had access.
In the United States, the pay of executives has been increasing in recent times, as an example is the CEO of Apple, Tim Cook, who earned 1,447 times the average salary of an employee of the technology company in 2021. Apple shareholders approved the payment package despite opposition from proxy advisory firm Institutional Shareholder Services.
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