Chipmaker Micron's CEO to Take Voluntary 50% Pay Cut

Business Leaders Reuters

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

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The cut, which is temporary, reduced Durcan's annual base salary to $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 $23 billion for Micron, but the plan has been clouded by U.S. security concerns.

(Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila)