Bu Tan has announced sweeping restructuring measures including layoffs, management cuts, and an expanded return-to-office mandate as the struggling chipmaker attempts to regain its competitive edge. The changes aim to eliminate "unnecessary bureaucracy" and streamline operations to foster innovation,

Today’s earnings call is notable as the first for the company since Lip-Bu Tan (pictured) took over the reins as the company’s new chief executive. He joined the company in March, ending its months-long search for a successor to previous CEO Pat Gelsinger, who was forced to resign in December amid pressure from board members and investors.

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