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Intel Corp. Chief Executive Officer Lip-Bu Tan gave investors a stark diagnosis of the chipmaker’s problems on Thursday, along with the sense that it will take a while to fix them.
Tan, delivering his first earnings report as CEO, said Intel’s bureaucratic corporate culture needs a shake-up, so he’s going to cut jobs, remove layers of management and force everyone back to the office. His prescriptions for other areas of malaise — such as Intel’s struggling foundry business, which makes chips for outside customers — were more vague.