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Thanks to CTOnews.com netizen OC_Formula for the clue delivery! CTOnews.com, February 12 (Xinhua) Micron recently announced that its board of directors has approved a pay cut during fiscal year 2023, which will affect the company's executive base pay and bonus policy.

Micron Technology said on February 9 that the board committee approved a reduction in the annual base salary of some executives in fiscal 2023 and suspended bonuses for all executives, according to the Wall Street Journal. The pay cut will result in a 20 per cent pay cut for chief executive Sanjay Mehrotra, 15 per cent for executive vice presidents and 10 per cent for senior vice presidents.

CTOnews.com learned that Mehrotra's base salary in fiscal year 2022 was $1.41 million, with a total compensation of $28.8 million (currently about 196 million yuan), mostly from stock awards.

Micron's decision is in response to the decline in demand for electronics and chips. Last year, Micron announced 10% layoffs in 2023 and suspended bonuses in 2023. Micron pointed out that the layoffs will reduce the target cash compensation of senior executives by 53% and 75%, and will also reduce more senior salaries, while the cash compensation of non-employee members of the board of directors will also be reduced by 20%.

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