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