Intel CEO Pat Gelsinger Unveils Cost-Cutting Strategies and Business Unit Sell-Offs
Sunday, 1 September 2024, 18:57
Intel CEO Pat Gelsinger Unveils New Cost-Cutting Initiative
In a bold move, Intel CEO Pat Gelsinger has announced a new plan aimed at reducing costs and selling off certain business units. This comes on the heels of an earlier announcement in which the company revealed a 15% reduction in its workforce and the suspension of its dividend to shareholders.
Key Points of the Plan
- Cost Savings: Intel aims to save about $10 billion through these strategic changes.
- Workforce Reduction: A significant cut of 15% in personnel has already been implemented.
- Divestitures: Potential sales of business units are on the table to streamline operations.
This strategic pivot reflects Intel's response to ongoing financial pressures and its commitment to revitalizing the company’s market position.
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