- Update with Intel's statement to Seeking Alpha: "Intel has a long-standing commitment to pay-for-performance, which holds executive officers accountable for business results and rewards them for consistently strong corporate performance and the creation of stockholder value. Our executive compensation programs continue to be tied to the company’s financial and operational performance, support our commitment to good compensation governance, and provide market-based opportunities to attract, retain, and motivate our executives in an intensely competitive market for qualified talent. The Board also finds it incredibly important to ensure that it has a meaningful dialogue with our investors throughout the year so it can get their feedback on important matters affecting Intel."
- Original post: In a regulatory filing after the bell yesterday, Intel (NASDAQ:INTC) revealed that shareholders at the annual meeting on May 13 did not approve the executive compensation plan for its listed officers.
- Holders also failed to approve a stockholder proposal requesting a report on median pay gaps across race and gender and a separate proposal for report on whether written policies or unwritten norms at the company reinforce racism in its culture.
- Pat Gelsinger, former head of VMware, took the Intel CEO reins from Bob Swan in February after multi-year yield issues with the 10nm process technology and 7nm product delays, which gave rival AMD a chance to take market share.
- In March, Gelsinger announced a $20B investment in U.S. chip fabs and a push for Intel to become a global foundry player, competing with the likes of TSMC and Samsung.