Intel slashes employee, exec pay amid PC market downturn

FILE PHOTO: An Intel Corporation logo is seen on a sticker on a laptop for sale in Queens, New York, U.S., November 16, 2021. REUTERS/Andrew Kelly/File Photo

(Reuters) - 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.

The reductions will range from 5% of base pay for mid-level employees to as much as 25% 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.