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Benzinga
Benzinga
Technology
Anusuya Lahiri

Shareholders Rejected Intel's Top Executive Compensation Just A Month After It Painted Dismal Q2 Outlook

Patrick Gelsinger INTC Intel Corporation Nasdaq Wikimedia Commons China Covid-19
  • Intel Corp (NASDAQ:INTC) shareholders rejected compensation packages for top executives, including a payout of as much as $178.6 million to CEO Pat Gelsinger.
  • Shareholders cast 1.78 billion votes against executive compensation at the annual meeting.
  • Shareholders cast 921.2 million votes in favor of the compensation. The vote is non-binding. 
  • Gelsinger has earned 1,711 times as much as the average worker at Intel since he joined in February 2021.
  • Intel saw its second-quarter revenue and profit below Street expectations in April, citing weak demand in its largest market, PCs, and increased supply-chain uncertainty due to fresh COVID-19 lockdowns in China.
  • Price Action: INTC shares traded higher by 1.67% at $43.80 in the premarket on the last check Tuesday.
  • Photo via Wikimedia Commons
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