October 16, 2015 / 9:20 PM / 4 years ago

Chipmaker Micron's CEO to take voluntary 50 percent pay cut

The logo of U.S. memory chip maker MicronTechnology is pictured at their booth at an industrial fair in Frankfurt, Germany, July 14, 2015. REUTERS/Kai Pfaffenbach

(Reuters) - Micron Technology Inc said Chief Executive Mark Durcan will take a voluntary 50 percent cut in his base salary, amid cost-cutting at the memory chipmaker.

The cut, which is temporary, reduced Durcan’s annual base salary to $525,000, effective Oct. 18, the company said in a filing on Friday.

Micron, which makes both dynamic random access and NAND flash memory chips, has struggled with weak demand for its chips used in computers.

China’s state-backed Tsinghua Unigroup Ltd, a technology conglomerate, has been pursuing Micron, according to media reports. It has offered $23 billion for Micron, but the plan has been clouded by U.S. security concerns.

Reporting by Anya George Tharakan in Bengaluru; Editing by Sriraj Kalluvila

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