Intel to cut 15% of jobs and suspend dividend payments
Intel is cutting close to 17,000 jobs and suspending its dividend payments.
The chipmaker, which employs close to 4,900 people in Ireland, said on Thursday it would cut more than 15 per cent of its workforce and suspend its dividend starting in the fourth quarter as the chipmaker pursues a turnaround centred around its loss-making manufacturing business.
A majority of the job cuts will be completed by the end of 2024, Intel said. The company’s headcount was 124,800 at the end of 2023.
“I need less people at headquarters, more people in the field, supporting customers,” CEO Pat Gelsinger said in an interview.
The company also set out plans to cut operating expenses and reduce capital expenditure of more than $10 billion in 2025.
Intel CEO Pat Gelsinger. Photo: I-Hwa Cheng/AFP via Getty Images
Intel previously reduced its workforce by roughly 5 per cent in 2023, with the loss of close to 130 jobs in its Irish operation, based mainly at its production facility in Leixlip, Co…
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