SANTA CLARA, Calif. -- Intel Corp. raised Chief Executive Officer Craig Barrett's cash compensation by 39 percent last year, as he led the No. 1 computer-chip maker into new markets to combat slowing growth and increased competition.
Barrett, 60, received $3.12 million in salary and bonus, up from $2.24 million in 1998, according to the company's proxy filing with the Securities and Exchange Commission. He was granted options to buy 108,000 shares, which Intel estimated would be worth $10.6 million in 10 years if the stock rises 10 percent annually. In 1998, he got options for 744,000 shares.
Barrett, who was named CEO in May 1998, has been working to reduce costs and improve manufacturing to get new products out faster. He has engineered Intel's charge into higher-growth markets, including $6 billion in computer-networking and communications-related acquisitions last year. The company's stock rose 39 percent in 1999. Intel has gained 48 percent this year and is the best performer in the Dow Jones industrial average. The shares fell $8.875 to $121.875 yesterday.