Intel, one of the world’s largest technology companies, has announced pay cuts across the company in an effort to preserve cash for investment. As part of the companywide initiative, Intel’s CEO has taken a 25% pay cut.

The move comes after Intel reported disastrous quarterly results, resulting in a sharp decline in wages and bonuses for employees and executives. The PC market downturn has also had an effect, with Intel slashing some worker and executive pay.

The pay cuts are part of Intel’s effort to increase long-term value and remain competitive in the technology sector. In addition to the pay cuts, Intel is also reducing its spending on research and development, and is exploring other cost-saving measures.

Intel’s pay cuts come at a time when the technology sector is facing unprecedented challenges due to the pandemic. Companies in the sector have been forced to make difficult decisions in order to remain competitive and protect their bottom line.

Intel’s pay cuts are the latest example of the company’s commitment to long-term value and cost-saving measures. While the impact of the pay cuts is yet to be seen, Intel is hoping that its efforts will help it remain competitive in the long run.