Micron dips as it suspends bonuses, cuts executive salaries
vzphotos/iStock Editorial via Getty Images


Micron Technology (NASDAQ:MU) is 2.1% lower postmarket after disclosing that it's cutting base salaries for top leaders and suspending some bonuses for fiscal 2023.
In an SEC filing, the company says its compensation committee has approved cutting the base salary of CEO Sanjay Mehrotra by 20%, as well as cutting named executive officers that are executive VPs by 15% and trimming senior VPs by 10%.

Bonuses for all named executive officers have been suspended for the fiscal year, the company said.
"As a result of these actions, the reduction in fiscal 2023 target total cash compensation for each of Micronâs NEOs ranges from 53% to 75%," Micron said in the filing.
"Micron is also reducing base salaries among a broad group of its executive level employees," the company added, and it says its board has voluntarily reduced cash compensation for non-employee members of the board by 20%.