Microchip Executives Take Pay Cut Amid Cost-Cutting Measures

Microchip (MCHP) has released an update to notify the public and investors about its officers.

Microchip Technology Incorporated is taking decisive steps to cut costs, with its management team leading by example. Starting February 19, 2024, the top executives, including the CEO and President Ganesh Moorthy, will receive a 20% salary cut. This reduction also extends to other key members of the executive team and, pending board approval, will include a similar cut in cash compensation for non-employee board members.

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For a comprehensive understanding of the announcement, you can read the full document here.