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According to a Bloomberg News report released recently, Intel will make heavy job cuts this week as its new leadership starts. Lip-Bu Tan is taking the first steps of his new CEO strategy to change Intel as he began his leadership last month.
Intel wants to simplify work processes while getting rid of outdated systems to create an engineering-driven enterprise. Intel representatives did not react to our media requests at the time of publication about their workforce reduction plan.
When he took control of Intel, Tan said company operations needed hard choices because the company’s middle management section was sluggish and oversized. The company leader started reshaping the management levels last week by making chip-related divisions report directly to him.
In August 2023, Intel began cutting jobs, while its new layoffs happened barely twelve months later. Most of these layoffs formed part of Intel’s $10 billion plan to cut expenses before 2024, when declining revenue pressure started:
- Escalating operational costs
- Shrinking profit margins in core PC and data center markets
- Expensive investments in AI chip development, where Intel has struggled to match competitors like Nvidia
