Reportedly, Intel is due to make a layoff announcement as early as this week, letting go of over twenty-one thousand employees, which would amount to nearly 20 percent of their current workforce, according to a Bloomberg article intel news update.
These announcements come just prior to Intel’s Q1 earnings call, which Tan, Intel’s new CEO, is set to lead. Tan replaced Pat Gelsinger last year.
Tan made clear his intentions to shed ‘the management structure and engineer-led company culture’ by implementing layoffs. Last year in August, the firm’s announcement updated employee numbers to approximately 108,900, down from 111,700. For the purposes of this article, ‘engineering-led culture’ refers to concentrating on the firm’s engineering identity rather than its emerging managerial identity.
Intel has been having a rough time for a while now; “non-core” parts of the company were emphasised Tan stated after he took over the CEO position. Over the past five years, the firm’s stock value has dropped around 67% and earlier this month Intel sold 51% of the Altera semiconductor business to Silver Lake private equity.
