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October 19, 2015

Micron CEO takes pay cut as revenue dips

News: Company had reported 15% drop in revenue last quarter.

By Vinod

Micron Technology CEO Mark Durcan has announced that he plans to take a 50% cut in base salary following the dip in revenue last quarter.

The company’s dynamic random access and NAND flash memory chips had reported a 15% drop in revenue during the fourth quarter ending 3rd September, compared to the fourth quarter of fiscal 2014.

Its revenue during the quarter was $3.6bn, which was 7% lower compared previous quarter.

The company said that the revenue was impacted by a 7% drop in DRAM average selling prices and relatively flat DRAM sales volume.

After announcing the quarterly results, Mark Durcan said: "While fourth quarter results were impacted by continued weakness in the PC sector, we believe that memory industry fundamentals remain favorable over the long term."

With the cut, Durcan’s annual base salary will be reduced to $525,000 from 18th October, according to a regulatory filing by the company, cited by Reuters.

Micron’s product portfolio includes memory technologies-including DRAM, NAND and NOR Flash-is the basis for solid state drives, modules, multichip packages and other system solutions.

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According to earlier reports, the company was earlier offered $23bn by China based Tsinghua Unigroup to acquire the company.

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