Intel, one of the world’s largest technology companies, is taking drastic steps to preserve cash in light of the current economic downturn.

The company announced today that it is slashing the pay of its CEO, top managers, and other executives in a bid to save money. Intel also revealed that it is cutting wages and bonuses for its employees in the wake of its disastrous quarterly results.

According to a report from Fox Business, Intel is reducing the overall compensation of some of its workers and executives. The report noted that the pay cuts are a result of the ongoing decline in the PC market.

Meanwhile, CNBC reported that Intel execs are taking small cuts to their overall compensation following the company’s disastrous quarter.

Intel’s move to preserve cash is a sign of the times, as the tech giant is just one of many companies that have been forced to make significant cuts due to the economic downturn.