XPost: alt.business, alt.fan.rush-limbaugh, sac.politics
XPost: or.politics, alt.society.liberalism
PORTLAND, Ore. — This story comes from the Portland Business Journal, a
KGW news partner.
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.
The chipmaker employed 20,221 workers at its research hub in Washington
County as of February. That was down from 23,192 prior to last year's
layoffs. Its global workforce fell 124,800 to 108,900 over the same
period.
Gelsinger was pushed into an abrupt retirement in December after his
plan to reorient Intel into chip manufacturing powerhouse faltered.
Tan started his tenure with Intel promising to cut costs and restore it
to growth after a series of disastrous quarters.
"We will remain focused on executing this plan to reduce our operating
expenses and capital expenditures, simplify our portfolio and eliminate organizational complexity — all while maintaining critical investments
in future growth," he told shareholders in its annual report in March.
Since then, Intel sold its majority stake in programmable chip
manufacturer Altera to tech investor Silver Lake. It was also reported
to be negotiating a joint venture with rival TSMC before that company
quashed rumors of a deal.
Intel is scheduled to release its first quarterly earnings report under
Tan on Thursday. Its shares were trading about 7% higher Wednesday
morning while the Nasdaq exchange was up 4.35% overall.
https://www.kgw.com/article/news/local/intel-plan-layoff-20-percent-workf orce-report/283-be6e4bdd-9557-4181-b9bf-611e50d5fe6f
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