“Painful”: Intel CEO Confirms He’s Laying Off 15,000 Workers as Part of Cost Reduction Plan to Increase Efficiency and Market Competitiveness

[Tsing]

Pat Gelsinger, the American business executive and engineer who made a name for himself at Intel by, among other accomplishments, creating the i486 microprocessor in the 1980s, has announced that he will be laying off 15,000 roles at Intel (15% of its workforce) as part of a cost reduction plan meant to increase the company's efficiency and competitiveness in the tech market.

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[Grimlakin]

wow so another 5k on top of the estimated 10k. That's not very nice. Lets see if they are profitable enough to get those sweet sweet bonuses.

 

[Riccochet]

We plan to reduce our costs by $10 billion in 2025.......





...... with $9 billion of those savings going directly to the CEO and board members in stock options and bonuses.

 

[Slag-King]

We plan to reduce our costs by $10 billion in 2025.......





...... with $9 billion of those savings going directly to the CEO and board members in stock options and bonuses.

While that typically happens, a sign that things could be changing is that the intel stock took a rightful beating today. If this continues, Pat will not get his golden parachute.

 

[Riccochet]

While that typically happens, a sign that things could be changing is that the intel stock took a rightful beating today. If this continues, Pat will not get his golden parachute.

Everything has taken a beating this week. The entire market is down badly. It's not just intel.

 

[Ditchinit]

Those at the top who proclaim that the latest round of layoffs is painful surely are not the ones experiencing the pain of having been laid off.

 

[Slag-King]

Everything has taken a beating this week. The entire market is down badly. It's not just intel.

Yeah DOW was in a freefall today. However, AMD stock went up...I'm hearing the Jaws theme over there over Pat's head.