Intel is preparing to cut more than 20% of its workforce in a sweeping overhaul led by newly appointed CEO Lip-Bu Tan, according to a Bloomberg report on Tuesday. The restructuring aims to reduce bureaucratic layers and accelerate decision-making, marking Tan’s first major move since taking over last month. In an internal memo cited by Reuters, Tan said Intel’s innovation has been “suffocating” under its current structure and called for direct oversight of the data center, AI, and personal computer chip divisions. Intel shares closed up 3.56% on Tuesday at $19.51 and climbed another 2% in after-hours trading. The company reports earnings Thursday after the bell.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02Intel is preparing to cut more than 20% of its workforce in a sweeping overhaul
00:06led by newly appointed CEO Liv Vuitton, according to a Bloomberg report on Tuesday.
00:11Restructuring aims to reduce bureaucratic layers and accelerate decision-making,
00:15marking TAN's first major move since taking over last month.
00:18In an internal memo cited by Reuters, TAN said Intel's innovation has been
00:22suffocating under its current structure and called for direct oversight of the data center,
00:27AI, and personal computer chip divisions.
00:30Intel's shares closed down 3.56% on Tuesday at $19.51,
00:34climbing another 2% in after-hours trading.
00:37Company reports earnings Thursday after the bell.
00:39For all things money, visit Benzinga.com slash GSTV.