Summary
Microchip Technology Inc. (MCHP) announced in an 8-K filing dated February 5, 2024, that its Compensation Committee has approved significant salary reductions for its executive team and cash compensation reductions for its Board of Directors. Effective February 19, 2024, the Chief Executive Officer and President, Ganesh Moorthy, along with other named executive officers, will experience a 20% decrease in their salaries. This measure is part of broader expense reduction initiatives being undertaken by the company's management.
Key Highlights
- 1CEO and President Ganesh Moorthy will have a 20% salary reduction.
- 2Other named executive officers (Steve Sanghi, Rich Simoncic, Eric Bjornholt, Steve Drehobl) will also face a 20% salary reduction.
- 3The salary reductions are effective starting February 19, 2024.
- 4Non-employee Board of Directors' cash compensation will be reduced by 20%.
- 5These actions are described as part of broader expense reduction measures by the management team.
- 6The Compensation Committee approved these changes on February 2, 2024, with recommendations for Board approval for director compensation.