Intel CEO Tan reportedly plans 20% workforce cut to streamline operations
Intel CEO Lip-Bu Tan reportedly plans to cut 20% of the company's workforce. Intel is one of the Valley's largest employers.
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Intel CEO Lip-Bu Tan plans to cut 20% of the company’s workforce, according to a report by Bloomberg Tuesday.
The layoffs are an effort to cut bureaucracy and rebuild “an engineering-driven culture,” according to the story, based on an unnamed source. The cuts would be the most dramatic move by Tan to revive the company (Nasdaq: INTC) since he became CEO in March.
Intel did not respond to Bloomberg‘s article.
Intel already slashed its workforce by about 13% under Tan’s predecessor Pat Gelsinger, who revealed plans for 15% companywide reduction in 2024.
Intel is one of the Valley’s largest employers, with nearly 10,000 people.
This story is posted in partnership with Phoenix Business Journal. Click to read the full story.
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Comments
3 Comments
Never understand why a company spending $28 billion to build two manufacturing facilities and upgrading an existing one at the same time needs to cut 20% of their workforce. Apparently they need a couple good quarterly earnings reports before they hire them all back to staff the plants.
Same thing we need to do to the federal government.
I wonder if these fired workers got their job through their job fair representative in the previous article.