Levi & Korsinsky, LLP is investigating Intersil Corporation (“Intersil” or the “Company”) (NASDAQ: ISIL), and its Board of Directors, in connection with the Company's 2008, 2009, and 2010 compensation for its CEO and other executives. If you owned shares during this time period, you may be affected.
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At the Company’s recent annual shareholder meeting held May 4, 2011, shareholders voted “no” on Intersil’s say on pay provision. The investigation concerns whether certain senior officers and executives of Intersil were awarded salaries, bonuses, and/or other forms of compensation that were excessive or unwarranted based on the Intersil’s performance.
Specifically, Intersil’s CEO total compensation rose from $3.16 million in 2008 to $4.44 million in 2010, and the Senior Vice President and CFO’s pay rose from $427,000 in 2008 to $1.34 million in 2010. Executive pay was increased despite the Company’s substantial Net Loss of $1.026 billion in 2008 compared to a Net income of $140.48 million in 2007.
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