Intel Paid CEO $3.36 Million in Salary, Bonus

Intel Corp. reported that it gave Chief Executive Craig Barrett an 8% increase in cash compensation last year, paying him $3.36 million in salary and bonus. Barrett’s salary rose to $575,000 in 2000 from $525,000 in 1999, according to a proxy statement filed with the Securities and Exchange Commission. His bonus increased to $2.78 million from $2.59 million. Barrett also received options to buy 200,000 company shares for $61.19 each, the filing said. The grant would be worth $19.5 million if the shares increase 10% a year over the next decade, Intel said. The options are “under water” today. The shares closed at $27.52, up $2.75, on Nasdaq. The compensation committee on Intel’s board reported in the proxy that they targeted Barrett’s salary and bonus to be about half that of the average disclosed by peers. However, his actual cash payout ended up being slightly higher than the average cash amount paid by similar companies, the filing said. Separately, the Santa Clara, Calif.-based chip giant said co-founder Gordon Moore, whose forecast that computer-chip power will double every 18 months became known as Moore’s Law, will retire from the board. Moore, 72, will be replaced by Reed E. Hundt, former chairman of the Federal Communications Commission.