From Yahoo Finance: 2025-04-28 12:46:00

Intel Corp. plans employment reductions and a tighter return-to-work policy without specific layoff numbers, a major employer in Chandler. Media reports suggest layoffs of more than 20% of its 109,000 employees. The semiconductor giant lost $18.8 billion in 2024.

New CEO Lip-Bu Tan emphasized the need to revamp Intel’s culture, calling for bold actions, including job reductions and a flatter executive team. He aims to make Intel leaner, faster, and more agile to improve execution by reducing workforce size.

Tan also proposed a return-to-work policy requiring more on-site days for employees, aiming to balance workforce reductions with retaining and recruiting key talent. Intel, a major Arizona employer, had about 12,000 workers in the state as of last year.

Intel’s downsizing efforts aim to streamline operations, reduce inefficiencies, and refocus on an engineering culture. The potential layoff report of more than 20% originated from Bloomberg News, citing unnamed sources, as Intel seeks to adapt to industry challenges.

New CEO Lip-Bu Tan, a semiconductor industry veteran, took over in March with a background in engineering and leadership roles. He aims to drive Intel’s transformation and improve its competitiveness in the market.

Tan replaced two interim co-CEOs after the departure of former CEO Pat Gelsinger. He brings a wealth of experience and expertise to Intel, aiming to lead the company through a period of significant change and transformation.

Read more: Intel CEO alludes to layoffs as tech giant loses $821 million in Q1