Intel's CEO will take a 25% pay cut, as the company attempts to compete with global chip manufacturers and prevent further layoffs

• Intel's CEO and members of its executive team will take pay cuts of up to 25%, Reuters reported.
• Intel told Insider the company is working "to reduce costs across the company." 
• The move aims to free up cash for investments in line with company strategy, Intel said in a statement. 

Intel's CEO and its executive leadership team are taking pay cuts of up to 25%, as the company attempts to navigate a shaky economy and avoid further layoffs, Reuters reported.