Two Top Compensated Execs In 2020 Are No Longer At Intel
Intel is in the midst of major changes, and one way that has been expressed is the fact that the company’s two most highly compensated executives of 2020 are no longer at the semiconductor giant.
Bob Swan, who departed as Intel’s CEO in February, was the company’s top compensated executive last year, according to a proxy statement filed with the U.S. Securities and Exchange Commission in late March. In second place was Venkata “Murthy” Renduchintala, who exited in August 2020 as the company’s chief engineering officer following manufacturing problems that resulted in a six-month delay of Intel’s 7-nanometer products.
[Related: These Were Nvidia’s 5 Most Highly Compensated Executives Last Year ]
Despite the challenges posed by the pandemic, the Santa Clara, Calif.-based company finished its 2020 fiscal year, which ended Dec. 26, 2020, with a record $77.9 billion in total revenue, marking an 8 percent increase from the previous year. However, the company has faced concerns about its ability to execute and lead from a technology perspective — concerns that stemmed from the company falling behind rivals in cutting-edge chip manufacturing capabilities over several years.
Now the company is hoping for a turnaround with former VMware CEO and 30-year Intel veteran Pat Gelsinger at the helm, and Gelsinger is promising to get there with the company’s new IDM 2.0 hybrid manufacturing plan that will expand Intel’s use of internal and external manufacturing resources.
However, the road to Gelsinger’s goal of “unquestioned leadership” won’t be smooth, as evidenced by the recent vote by Intel’s shareholders to reject the company’s 2020 executive compensation plan, a nonbinding vote that sent a message of disapproval regarding the chipmaker’s pay practices.
In response to shareholder disapproval, Intel said it 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.”
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