Intel to cut 20% of workforce - report

"Bloomberg" reports that new CEO Lip-Bu Tan will announce the layoffs this week.

Intel's new CEO Lip-Bu Tan is expected to announce this week that 20% of the chipmaker's workforce is being laid off in efforts to put the financially troubled company back on track, "Bloomberg" reports.

The move comes just months after the company fired 15,000 employees. It is not yet clear how any new round of cuts would affect the company in Israel, although the most recent layoffs did eventually reach Israel. Over 1,000 Intel Israel employees were laid off in late 2024 pushing the number of Intel Israel employees below 10,000 for the first time in a decade.

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At the end of 2024, Intel had 109,000 employees worldwide.

The new streamlining measures are being led by Tan who took over at the helm in mid-march. He was a surprise appointment after previously steeping down from the board of directors last August due to differences of opinion with previous CEO Pat Gelsinger about the extent of layoffs, which he felt were too small and the slow pace of progress on production.

Tan is considered a senior figure in the chip making world having served for almost 20 years as CEO of Cadence, one of the world's two biggest suppliers of chip development tools.

Published by Globes, Israel business news - en.globes.co.il - on April 23, 2025.

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