<p>Intel Corp said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn.</p>.<p>The reductions will range from 5 per cent of base pay for mid-level employees to as much as 25 per cent for Chief Executive Pat Gelsinger, while the company's hourly workforce's pay will not be cut, said a person familiar with the matter who was not authorized to speak publicly.</p>.<p>Intel spokesperson Addy Burr said in a statement that the "changes are designed to impact our executive population more significantly and will help support the investments and overall workforce."</p>.<p>Intel last week said its profit margins were plunging as the PC market cools after several years of growth during the pandemic.</p>.<p>Gelsinger also conceded that Intel has "stumbled" and lost market share to rivals such as Advanced Micro Devices Inc , which on Tuesday reported quarterly sales that were above Wall Street's expectations.</p>.<p>The person familiar with Intel's pay cuts said that in addition to 5 per cent decreases for mid-level employees, vice president level employees will see 10% reductions and the company's top executives other than the CEO will get 15 per cent cuts.</p>.<p>The company has also lowered its 401(k) matching program from 5 per cent to 2.5 per cent and suspended merit raises and quarterly performance bonuses, the person said.</p>.<p>Annual performance bonuses based Intel's overall financial performance will remain but those bonuses have been smaller in recent years as the company has lost ground to rivals, the person added. </p>
<p>Intel Corp said on Tuesday that it had made broad cuts to employee and executive pay, a week after the company issued a lower-than-expected sales forecast driven by a loss of market share to rivals and a PC market downturn.</p>.<p>The reductions will range from 5 per cent of base pay for mid-level employees to as much as 25 per cent for Chief Executive Pat Gelsinger, while the company's hourly workforce's pay will not be cut, said a person familiar with the matter who was not authorized to speak publicly.</p>.<p>Intel spokesperson Addy Burr said in a statement that the "changes are designed to impact our executive population more significantly and will help support the investments and overall workforce."</p>.<p>Intel last week said its profit margins were plunging as the PC market cools after several years of growth during the pandemic.</p>.<p>Gelsinger also conceded that Intel has "stumbled" and lost market share to rivals such as Advanced Micro Devices Inc , which on Tuesday reported quarterly sales that were above Wall Street's expectations.</p>.<p>The person familiar with Intel's pay cuts said that in addition to 5 per cent decreases for mid-level employees, vice president level employees will see 10% reductions and the company's top executives other than the CEO will get 15 per cent cuts.</p>.<p>The company has also lowered its 401(k) matching program from 5 per cent to 2.5 per cent and suspended merit raises and quarterly performance bonuses, the person said.</p>.<p>Annual performance bonuses based Intel's overall financial performance will remain but those bonuses have been smaller in recent years as the company has lost ground to rivals, the person added. </p>