Intel Cuts 12,000, 11% of Staff
CFO Smith to take on broader role
4/19/2016 05:12 PM EDT
SAN JOSE, Calif. – Good night to the PC as an icon and driver of the semiconductor industry. Intel Corp., its head cheerleader and advocate officially cut it loose today announcing a cut of 12,000 employees, 11% of its staff amid a sequential decline in quarterly revenues and profits.
It’s a decision that’s been brewing for years. Intel CEO Brian Krzanich was brought in to shake things up when the PC decline was among issues dragging down his forerunner, Paul Otellini.
Krzanich brought in his own right–hand disrupter late last year, the man who ran the smartphone chip set business at archrival Qualcomm. Two weeks ago, Venkata "Murthy" Renduchintala signaled today’s big layoffs when Intel announced his closest reports were leaving the company.
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