California: According to a Bloomberg report, Intel intends to fire 21,000 workers, 20% of its staff, beginning this week. Intel plans to announce its workforce reduction before its Q1 earnings call under new CEO Lip-Bu Tan, who succeeded Pat Gelsinger last year.
Through this substantial workforce reduction, Tan aims to simplify Intel management while returning the company to engineering core practices. The company finished 2024 with a workforce of 108,900 employees. The new job losses continue the trend of 15,000 employee cuts in August 2024.
Intel experienced constant difficulties in the last five years, which reduced its stock value by 67%. Right after assuming CEO duties in December 2024, Tan started reorganizing Intel by changing some groups from core parts of the company to units that matter less. To improve its overall structure, Intel accepted a 51% partnership offer from Silver Lake Private Equity for its Altera semiconductor branch.
Intel remains silent on this matter, but its CEO Brian Tan continues this strategy to transform Intel into a company that can sustain growth in a rapidly changing technology market.
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