Nvidia CEO has pay slashed after disappointing sales
Nvidia has cut the pay of its CEO, Jensen Huang, in the wake of a disappointing sales period for the company during its launch of the RTX 40-series GPUs.
Nvidia might be riding high at the moment, with the AI industry growing exponentially, and gaming slowly requiring better hardware. However, even with major launches and successes, it appears some key sales have been missed.
This has led Jensen Huang, the CEO of Nvidia, to take a 10% pay cut for missing his targets. The information was confirmed in Nvidia’s financial reports, as the board’s decision was made public.
His pay has now gone from 2022’s $23,737,661 to $21,356,924. This includes all his various stock options and compensation given to him.
Nvidia’s missed sales cost CEO’s paycheck
The recent releases of the RTX 40-series haven’t been met with the most spectacular reception. In our review of the 4070 Ti, we said that if it was above MSRP, to not buy it. The 4070 itself has had its production reportedly cut due to slow sales.
Subscribe to our newsletter for the latest updates on Esports, Gaming and more.
Meanwhile, the flagship card, the 4090, is still above $1500 in most stores. Response to the high prices on these cards has been to simply not buy them in droves.
It’s also not too far of a jump to assume the lack of sales from the quick death of cryptocurrency mining has contributed to this slump. Nvidia was also very quick to throw miners under the bus after they made up a majority of sales in the RTX 30-series era.
Other members of the executive staff were also subject to pay cuts, with the CFO and VP of Worldwide Operations falling short with pay as well.
It’s not all terrible news for Jensen Huang though, as his own personal net value was raised to a peak of $26.1 billion, but dropped a few points to $25.8 billion, making him the 57th richest person in the world as of right now.