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Intel CEO Lip Bu-Tan announced a series of sweeping measures today, including an unspecified number of layoffs, a company restructuring, the elimination of non-core products, and an expanded return-to-office mandate. The announcement comes as the company presented its disappointing first-quarter earnings report today, causing the stock to decline by 5%. Tan has only been at the helm of Intel for five weeks, but his core message is that the transformation of Intel's culture will be an extended process and requires eliminating the "bureaucracy suffocating the innovation and agility that we need to win," citing that many teams are "eight or more layers deep."
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Intel has not yet specified the number of employees it expects to lay off in the coming months, but stated that the company will begin the adjustments in Q2 and will implement them over several months. Intel last laid off 15% of its workforce, approximately 15,000 employees, in August 2024. It has been rumored that Intel plans to lay off 20% of its workforce in this round, which could equate to nearly 20,000 more employees.
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Intel has not yet specified the number of employees it expects to lay off in the coming months, but stated that the company will begin the adjustments in Q2 and will implement them over several months. Intel last laid off 15% of its workforce, approximately 15,000 employees, in August 2024. It has been rumored that Intel plans to lay off 20% of its workforce in this round, which could equate to nearly 20,000 more employees.
