Intel Corp., scuffling with a speedy drop in income and earnings, is slicing administration pay throughout the corporate to avoid wasting money it must spend money on a turnaround plan.

Chief Executive Officer Pat Gelsinger is taking a 25% reduce to his base wage, the chipmaker stated Tuesday. His govt management crew will see their pay packets decreased by 15%. Senior managers will take a ten% discount, and the compensation for mid-level managers will probably be reduce by 5%.

Hourly employees and staff beneath the seventh tier within the firm’s system gained’t be affected.

“As we continue to navigate macroeconomic headwinds and work to reduce costs across the company, we’ve made several adjustments to our 2023 employee compensation and rewards programs,” Intel stated in an announcement. “These changes are designed to impact our executive population more significantly and will help support the investments and overall workforce needed to accelerate our transformation and achieve our long-term strategy.”