San Francisco Overpaid CEO Tax passes. Bob: "SHUTDOWN Intel SF office ASAP"

https://www.thecompensationconnection.com/2020/08/10/san-francisco-overpaid-executive-pay-ratio-tax-on-the-ballot-for-november-2020/

It passed.

"Large companies doing business in San Francisco may soon be subject to an additional tax if voters approve the so-called “Overpaid Executive Gross Receipts Tax” this coming November. Joining a minority of municipal governments that have imposed an “executive pay ratio tax” on the heels of the SEC’s CEO pay ratio disclosure rules, the San Francisco Board of Supervisors recently approved a ballot initiative for this November’s election that calls for the imposition of a tax on companies doing business in San Francisco if their highest-paid employee makes more than 100 times the median compensation of the company’s San Francisco-based employees. As the tax is not limited to companies that maintain headquarters in San Francisco, all companies that have a presence in San Francisco are potentially subject to the tax. "

https://www.execpay.org/news/intel-corp-2019-compensation-536

Robert H. Swan, Chief Executive Officer, received $66.9M in total, which increased by 301% compared to 2018. 92.21% of Swan's compensation, or $61.7M, was in stock awards. Swan also received $3.7M in non-equity incentive plan, $1.2M in salary, as well as $303.1K in other compensation.

For fiscal year 2019, the median employee pay was $96,300 at Intel.

Therefore, the ratio of Robert H. Swan's pay to the median employee pay was 695 to one.

George Davis, Chief Financial Officer, received a compensation package of $29.2M. 85.54% of the compensation package, or $25M, was in stock awards.

Venkata Murthy Renduchintala, Executive Vice President Group President, Technology, Systems Architecture and Client Group, and Chief Engineering Officer, earned $26.9M in 2019, a 105% increase compared to previous year.

Navin Shenoy, Executive Vice President General Manager, Data Platforms Group, received $24.8M in 2019, which increases by 139% compared to 2018.

Gregory Bryant, Executive Vice President General Manager, Client Computing Group, earned $13.8M in 2019.

Todd Underwood, Chief Financial Officer, received $6.4M in 2019.

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10 replies (most recent on top)

Don't worry they'd just move the jobs elsewhere where there's no such tax

My problem with these taxes is the fact that money goes into the city/state coffers. The expectation is the city/state will fix roads, update schools, etc. The reality is, the city and state hasn’t done a good job managing money and this can be seen by the t-b-cco, sugar, (now) the increase in the license fee taxes because I barely see incremental change; this is on top of the taxes we pay already.

To me, it’s just grabbing money from greedy people and giving it to shady people.

This is a disgrace. These people are getting huge increases and title expansions while

1) our execution was below competition.
2j the same management team made intel lose millions in bad acquisitions and they continue to acquire new companies to cover the dismal failures with the prior ones I.e. nervana
3) employees were given at best inflation level salary increase. The stock purchase program was reduced. Other benefits were cut

It just shows you the board is not acting at the best interest of shareholders. They are acting at t(e best interest of the executive team who hired them.

There is no justification for title increase and salary increase of the executive team. CCG was lead by a better leader at SVP level. Sales - EVP, give me a break. Finance Todd Getting that much compensation. Murthy, I don’t even want to comment.

Intel CEO pay $66M, company market cap $183B and rev shrinking
Microsoft CEO pay $42M, company market cap $1700B and rev grows double digits.

The founder and CEO of Nvidia, Jensen Huang, had a 2019 compensation of 13.6M. NVDA stock is +315 from June 2018, when BK stepped down and BS ascended. INTC stock is now -6.82 from then. Good job Andy Bryant and INTC board, you found a real gem in the former CEO of Webvan. BS deserves all that $66.9M for how he 69-ed the board for that comp.

Ever notice how CEO pay tends to be inversely proportional to their company's performance? We've seen it time and again. Now if they truly are an outperforming genius, then I say "fine, let them earn." But far too often the captain of the Titanic gets massive payouts as the ship goes down; them not on it but rather floating away under a golden parachute.

That is a bunch of BS and folks who’ve worked at Intel - past and present - know it!

I guess the sarcasm was not obvious enough in the original post... Clearly BS knows little about Intel technology and has an average career record and the rest of the executives named in the article are proven to be NOT worth what they are paid... Good luck.

No one deserves to make this much money I don't give a rats who they are

All of those executives deserve the huge pay. Think about it. The logic is that it is nearly impossible to attract and retain the very best technical experts with CEO level leadership skills in high complex fields such as semiconductors. Therefore, companies like Intel must pay these huge salaries in order to retain the expert executives with unique leadership skills and specialized knowledge.

Thread regarding Intel Corp. layoffs

San Francisco Overpaid CEO Tax passes. Bob: "SHUTDOWN Intel SF office ASAP"

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