Intel freezes salaries across the company

Intel freezes salaries across the company
By Agam Shah | Mar 25, 2009

Intel on Monday said it has frozen salaries of employees across the company, including top executives, in an effort to reduce spending and control costs.
 
The salary freeze comes as Intel tries to cope with reduced chip demand as the recession wears on. The salary freeze applies for every employee, including CEO Paul Otellini, said Chuck Mulloy, an Intel spokesman.
 
"We are in the toughest recession in the history of our industry and we need to continue to control our costs," Mulloy said.
 
A salary freeze for Otellini and other top executives that include chief financial officer Stacey Smith has to be approved by shareholders, according to a filing with the US Securities and Exchange Commission on Monday.

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