Shareholders of Intel have rejected compensation packages for top executives, including a payout of as much as $178.6 million to Chief Executive Officer Pat Gelsinger.
About 1.78 billion votes were cast against executive compensation at the annual meeting, Intel said, though the vote is non-binding. About 921.2 million votes were cast in favor.
“We take our investors’ feedback very seriously, and we are committed to engaging with them and addressing their concerns,” Intel said in a statement.
Intel said it took steps to address investor questions, including linking pay to performance but added there is clearly more work to do.
Pat Gelsinger earned more than 1,700 times the typical employee at the chip giant in 2021, according to a regulatory filing in March.