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INTEL CORPORATION (INTC)
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Big Pay, Short Stays for Hardware Chiefs

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08/04/2018 | 02:05pm CET

By Patrick Thomas

It's been a volatile year at the top of the semiconductor and hardware business.

Four of the 21 largest such firms in the S&P 500 sector switched CEOs this year, and some of them were among the highest paid in the industry, according to The Wall Street Journal's analysis of pay data from MyLogIQ LLC.

Intel Corp. CEO Brian Krzanich resigned in June for violating company policy by having a relationship with a co-worker. Mr. Krzanich was the second-highest paid of the group at $21.5 million.

Texas Instruments Inc. changed CEOs in July when Brian Crutcher resigned for violating the company's code of conduct related to personal behavior. Richard Templeton, who had stepped down as chief in January after 14 years in the role, reassumed his previous duties and made about $16.5 million in 2017.

Xerox Corp.'s Jeffrey Jacobson, who was forced to resign as CEO earlier this year amid pressure from activist investors, was paid $9.5 million in his first and only full year as head of the company. His ouster came after Xerox backed out of a merger deal with Fujifilm Holdings Corp.

Meg Whitman, who left Hewlett Packard Enterprise Co. last November and moved to Los Angeles for a job running a mobile video startup called NewTV, was the third highest-paid CEO in the sector at $17.1 million. From 2011 to 2015, Ms. Whitman was CEO of Hewlett-Packard Co., overseeing the separation of the company into Hewlett Packard Enterprise and HP Inc.

Turnover aside, most companies in the chips and hardware group performed well, with a median shareholder return of 31.8%, well above the overall S&P 500's shareholder return of 19%. Total shareholder return reflects share-price appreciation and dividends.

Only two companies of the 21 in the sector posted negative shareholder returns for 2017. Qualcomm Inc. was one of them, with a shareholder return of negative 21.4%; the other was Advanced Micro Devices Inc. at negative 9.3%. Qualcomm CEO Steven Mollenkopf made $11.6 million for the year. AMD's CEO, Lisa Su, made $10.9 million.

The median pay for the group's CEOs was about $12.8 million, slightly above the median pay for the whole S&P 500 of $12.1 million.

Hock Tan, chief executive of the semiconductor company Broadcom Inc., was the highest-paid boss in the sector and in the entire S&P 500 with more than $103 million in compensation, quadrupling what he made the previous year.

Mr. Tan's compensation mostly consisted of $98 million in stock as part of a long-term equity award linked to company performance, according to regulatory filings.

"Over the last five years, Broadcom has generated total shareholder return of more than 550%. Mr. Tan's compensation package is clearly aligned with and designed to drive sustained shareholder value," a company spokesman said.

Broadcom's shareholder returns for 2017 were 58%.

The Journal analysis excluded CEOs who changed jobs during the year or served less than a full year. See the full list of chip and hardware companies here:

Stocks mentioned in the article
ChangeLast1st jan.
ADVANCED MICRO DEVICES 0.20% 19.9 Delayed Quote.93.19%
BROADCOM INC -1.34% 254.83 Delayed Quote.-0.81%
DJ INDUSTRIAL -2.02% 24100.51 Delayed Quote.-2.50%
HEWLETT PACKARD ENTERPRISE -1.86% 14.22 Delayed Quote.-0.97%
INTEL CORPORATION -0.89% 47.86 Delayed Quote.4.61%
NASDAQ 100 -2.56% 6594.9632 Delayed Quote.3.10%
NASDAQ COMP. -2.26% 6910.6648 Delayed Quote.0.11%
QUALCOMM -0.81% 57.62 Delayed Quote.-10.00%
S&P 500 -1.91% 2599.95 Delayed Quote.-2.76%
TEXAS INSTRUMENTS -1.65% 94.26 Delayed Quote.-8.23%
XEROX CORP -1.21% 24.45 Delayed Quote.-15.09%
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Financials ($)
Sales 2018 71 205 M
EBIT 2018 24 360 M
Net income 2018 21 023 M
Debt 2018 15 695 M
Yield 2018 2,49%
P/E ratio 2018 10,75
P/E ratio 2019 11,04
EV / Sales 2018 3,29x
EV / Sales 2019 3,14x
Capitalization 218 B
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Mean consensus OUTPERFORM
Number of Analysts 40
Average target price 54,1 $
Spread / Average Target 13%
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Managers
NameTitle
Robert Holmes Swan Chief Executive Officer, Executive VP & CFO
Andy D. Bryant Chairman
Ann B. Kelleher Senior VP-Technology & Manufacturing Group
Venkata S. M. Renduchintala Chief Engineering Officer
Paula Tolliver Chief Information Officer & Vice President
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