Intel's Barrett, Other Execs, Saw Bonuses Slashed In 2001

Intel

According to Intel's annual proxy statement, filed with the Securities and Exchange Commission, Barrett was paid $575,000 in salary in 2001, the same as 2000. However, Intel's board approved a bonus of $1,075,300 for Barrett, down from the $2.7 million he received in 2000.

Barrett does not have an employment contract with Intel, according to the proxy.

In addition to Barrett, Intel President Paul Otellini saw his compensation cut in 2001. Last year Otellini received a base salary of $300,000, which was unchanged from 2000, and a bonus of $561,000,only a fraction of the $1,293,500 he received a year earlier.

While Intel's board of directors chose to cut the bonuses of their top executives, the company's shareholders are still doing relatively better than investors in other companies, according to the proxy.

A $100 investment in Intel in 1996 was worth $192 through the end of 2001. That compares with $174 for the same invested in the Dow Jones Technology Index during that time, or the same amount invested in the S&P 500, which would have been worth $170.

In addition to providing compensation information, Intel also said that Leslie Vadasz, an Intel executive and director for 14 years, will retire and not stand for re-election to the Intel board of directors. Vadasz will, however, be given the title of "director emeritus" upon his retirement, Intel said.