You are here

Chipmaker Micron's CEO to take voluntary 50 per cent pay cut

Micron.jpg
Micron Technology Inc said Chief Executive Mark Durcan will take a voluntary 50 per cent cut in his base salary, amid cost-cutting at the memory chipmaker.

[NEW YORK] Micron Technology Inc said Chief Executive Mark Durcan will take a voluntary 50 per cent cut in his base salary, amid cost-cutting at the memory chipmaker.

The cut, which is temporary, reduced Mr Durcan's annual base salary to US$525,000, effective Oct 18, the company said in a filing on Friday. Micron, which makes both dynamic random access and NAND flash memory chips, has struggled with weak demand for its chips used in computers.

China's state-backed Tsinghua Unigroup Ltd, a technology conglomerate, has been pursuing Micron, according to media reports. It has offered US$23 billion for Micron, but the plan has been clouded by US security concerns.

REUTERS

sentifi.com

Market voices on:

grab

Receive $80 Grab vouchers valid for use on all Grab services except GrabHitch and GrabShuttle when you subscribe to BT All-Digital at only $0.99*/month.

Find out more at btsub.sg/promo

Powered by GET.comGetCom