Intel (INTC, Financial) is reportedly set to announce plans to lay off over 20% of its workforce. This move is part of a broader strategy by the company's new CEO, Chen Liwu, aimed at addressing bureaucratic inefficiencies within the struggling chip manufacturer. The layoffs mark the first significant restructuring under Chen's leadership since he took over last month.
In his efforts to revitalize Intel, Chen is focusing on simplifying management and fostering an engineering-driven culture. Recent reports indicate that he is reorganizing the company by streamlining the leadership team, with key chip teams now reporting directly to him.
