Intel Cuts Executives’ 2001 Bonuses by 61%

Intel Corp. cut the 2001 bonuses of its top executives by an average of 61% and did not raise their salaries, as the world’s largest semiconductor’s profit plunged 88% last year amid the worst downturn ever for the chip industry.

Chief Executive Craig Barrett saw his 2001 bonus cut by 61% to $1.08 million from $2.78 million the year before, while his salary was unchanged at $575,000. Chairman Andy Grove’s bonus also was cut by 61% to $981,800 from $2.54 million as his salary remained at $525,000.