Intel Plans To Slash Over 20% Of Workforce As Lip-Bu Tan Carries Out Major Restructuring: Report
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Intel plans to cut over 20% of its workforce as part of a major restructuring under new CEO Lip-Bu Tan, aiming to streamline operations and reduce bureaucracy. This marks the first major overhaul under Tan, who was appointed last month. The layoffs target organizational complexity, with key divisions now reporting directly to him. Intel shares rose 3.56% on Tuesday, closing at $19.51, and added another 2% in after-hours trading. The company is set to report its earnings on Thursday.
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