(Bloomberg) — Micron Technology Inc. is cutting executives salaries by as much as 20% and suspending bonuses as the chipmaker copes with an industrywide slump.
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Chief Executive Officer Sanjay Mehrotra will see his salary reduced by a fifth, with executive vice presidents getting a 15% cut, Micron said in a regulatory filing Thursday. Senior vice presidents will have their salaries reduced 10%, and bonuses will be suspended for all named executive officers.
The move follows a plan to cut jobs at Micron by 10%. The Boise, Idaho-based company is contending with sluggish demand for memory chips as part of slowdown for sales of personal computers and other devices.
The reduction will slash the executives’ target cash compensation by 53% to 75%, Micron said. The company also is trimming the salaries among a broader group of executives, and non-employee members of the board are taking a 20% cut in cash compensation.
Mehrotra had a base salary of $1.41 million in fiscal 2022, but most of his total $28.8 million in compensation came from stock awards.
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Source: https://finance.yahoo.com/news/micron-cuts-executives-salaries-latest-220026712.html