Nvidia CEO Jensen Huang has had his pay sliced by 10%. The cut was triggered due to missed financial targets and came to light following the publication of the firm's FY23 results. First spotted by The Register and detailed in Nvidia's latest annual review (PDF), Huang's compensation package was cut by nearly $2.5M. However, he remains well shielded from the cost of living crisis affecting ordinary folk and isn't likely to have to make any personal cutbacks, as he will still receive $21.356M. Given that Huang's personal net worth weighs in at $26.1 billion, he probably isn't losing much sleep over the penalty.
Like many industry leaders, Huang gets paid via a mix of base salary, stock awards, and other benefits. Reasons for the missed financial targets of FY23 are pinned to the usual contemporary suspects. "A challenging year, with macroeconomic headwinds, channel inventory corrections, COVID-19 and product architecture transitions," all weighed on Nvidia. These pressures meant company income "fell short of the CC's (compensation committee's) pre-established goals for executive compensation," explains the financial review document linked above.
