1810 ET - Intel CEO Lip-Bu Tan says he is taking swift actions to simplify the beleaguered chip maker. As a first step, Tan says on a call with analysts that he will flatten the structure of the company's leadership team so that certain functions previously spread over two or three layers now report directly to him. The company didn't detail how many management positions it will cut, or the charges it expects to incur as a result. Intel will additionally save by reducing planned operational and capital expenditures this year, Tan says. "I will continue to make the needed investment to reignite innovation, even as we reduce our overall expenses by minimizing projects and programs that had been taking attention away from our core client and server business," he says. Shares fall 5.1% after hours. (connor.hart@wsj.com)
(END) Dow Jones Newswires
April 24, 2025 18:11 ET (22:11 GMT)
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