Micron Cuts Executives Salaries

In a SEC filing, Micron Technology, Inc. announced the departure of directors or certain officers the election of directors, the appointment of certain officers and the compensatory arrangements of certain officers.

As part of the significant steps previously announced by management to reduce the costs and operating expenses of Micron on February 5, 2023, the compensation committee of board of directors approved a reduction of the annual base salaries of CEO, CFO, and other named executive officers (together, the NEOs) by 20% for CEO, 15% for each NEO that is an EVP, and 10% for the NEO that is a SVP, effective with the payroll period commencing February 5, 2023, and continuing at the reduced amount through the remainder of FY23. Bonuses for all NEOs have also been suspended for FY23. As a result of these actions, the reduction in FY23 target total cash compensation for each of NEOs ranges from 53% to 75%.

On February 5, 2023, the compensation committee agreed to amend the severance agreements in place with CEO, CFO, and other NEOs, to provide that any severance benefits received pursuant to the agreements will be determined using the annual base salaries in effect immediately before the reduction.

The company is also reducing base salaries among a broad group of its executive level employees. In addition, board of directors voluntarily reduced the cash compensation of the non-employee members of the board by 20% effective with the next full non-executive director compensation period and continuing at the reduced amount through fiscal 2023.

In another SEC filing (page 49), dated January 12, 2023, the company revealed the total compensation of executive officers in FY22, FY21, and FY20.

FY22 revenue was a record at $30.8 billion, up 11% Y/Y.

Name and position	FY	Salary	Total compensation	Y/Y growth
Sanjay Mehrotra, president and CEO	2017	$387,692	$15,373,026	NA
	2018	$1,200,000	$14,241,583	19%
	2019	$1,288,154	$16,944,751	19%
	2020	$1,369,039	$19,995,488	18%
	2021	$1,350,000	$25,316,709	18%
	2022	$1,409,893	$28,840,809	14%
Mark J. Murphy, EVP global operations*	2022	$266,538	$13,575,042	NA
Michael W. Bokan, SVP WW sales	2022	$547,480	$5,624,494	NA
David A. Zinsner, EVP and CFO**	2018	$331,462	$5,309,764	NA
	2019	$632,923	$4,313,692	29%
	2020	$670,992	$5,569,005	29%
	2021	$662,000	$6,853,493	23%
	2022	$257,671	$7,267,180	6%
Mansh Bhatia, EVP global ops	2018	$559,289	$10,455,406	NA
	2019	$660,846	$5,986,655	-43%
	2020	$704,211	$7,212,359	20%
	2021	$695,000	$8,552,873	19%
	2022	$725,607	$18,517,829	117%
Scott J. DeBoer, EVP technology and products	2018	$511,154	$4,086,215	NA
	2019	$554,462	$4,354,143	7%
	2020	$601,596	$5,159,860	*19%*
	2021	$595,000	$6,668,567	*29%*
	2022	$621,203	$7,592,565	*14%*
Summit Sadana, EVP and chief business officer	2018	$675,000	$6,183,298	NA
	2019	$709,462	$6,224,520	1%
	2020	$755,173	$7,359,372	*18%*
	2021	$745,000	$8,716,576	*18%*
	2022	$777,809	$10,101,430	*16%*

* Murphy was appointed as EVP and CFO, effective as of April 18, 2022, and his annual base salary for FY22 was $700,000.
** FY22 amount for Zinsner represents salary earned up to his resignation effective as of January 10, 2022.