Intel Lays Off 15,000: CEO Warns of Tough Days Ahead: The CEO of Intel, Pat Gelsinger, told staff members that the corporation is reducing staff in an effort to save money. Pat Gelsinger disclosed in a memo to all staff members that the corporation intends to achieve $10 billion in savings by 2025, as a result of which 15% of the workers will be let go. Next week, Intel will launch an application program for voluntary departures and reveal an upgraded retirement option for qualified staff members.
“It pains me to share this news,” he stated. I’m sure reading it will be considerably harder for you. Today is a really difficult day for Intel since we are implementing some of the biggest changes in the history of our business.
He said, “We need bolder actions to address both – particularly given our financial results and outlook for the second half of 2024, which is tougher than previously expected.” Intel’s costs are too high and its margins are too low.
“These decisions have challenged me to my core, and this is the hardest thing I’ve done in my career,” Pat Gelsinger said in an explanation to the staff. I promise you that in the upcoming weeks and months, we will give top priority to a culture of integrity, openness, and respect.”
“We will adhere to Intel values throughout this process,” he continued, “because I believe that how we implement these changes is just as important as the changes themselves.”
“But as difficult as all of this is, we are making the changes necessary to build on our progress and usher in a new era of growth,” he said, alerting staff to more challenging times to come.
