Intel's New CEO Unveils Major Restructuring with Layoffs and Enhanced Office Mandate
Intel's CEO Lip Bu-Tan announces sweeping changes including workforce reductions, $1.5B cost cuts, and stricter return-to-office policies. The transformation plan aims to eliminate bureaucratic layers and shift focus to engineering excellence as Intel positions for future competitiveness.
Intel Plans Historic 20% Workforce Cut Amid Strategic Overhaul
Intel is preparing to announce over 20,000 job cuts globally this week as new CEO Lip-Bu Tan aims to streamline operations and restore engineering focus. The semiconductor giant's dramatic restructuring follows declining sales, losses, and mounting competitive pressures in the AI chip market.
CEO Exodus: U.S. Companies Face Record Leadership Turnover in 2024
Corporate America experienced unprecedented C-suite changes in 2024, with 327 CEO departures through November marking the highest since 2010. Major players like Intel, Boeing, Nike, and Starbucks saw high-profile transitions amid industry challenges and mounting pressure for rapid transformation.
Intel Restores Free Coffee Benefits Amid Cost-Cutting Recovery
Intel reintroduces complimentary coffee and tea services worth $100 million annually, marking a partial reversal of previous cost-cutting measures. The move aims to boost employee morale while CEO Pat Gelsinger works to stabilize the company's position amid ongoing workforce reductions and financial challenges.