| | By Akanksha Prasad @ Tuesday, March 24, 2009 10:38 AM
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| | Chip making giant Intel plans to freeze the salaries and exchange employee stock options of senior executives. But other employees get a chance to exchange expensive stock options for lower-priced ones.
According to the company's Securities and Exchange Commission filing, its net income was reportedly down by 24 per cent in 2008. Intel has decided to halt pay hikes to compensate the loss. However, the workers can exchange ‘underwater’ stock options for ones with lower prices, and the freeze does not affect non-cash compensation such as stock-option grants.
Last year Intel CEO Paul Otellini has earned a total compensation of $12.1 million - roughly the same as in 2007. His base salary is $1 million and he has earned $3.9 million in cash under the company's annual and semi-annual incentive plans. The rest of his $7.2 million came in the form of stock or option grants. X
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