Major US tech firm is on the brink as CEO is forced out after 'challenging' year that saw 15% of staff laid off

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Major US tech firm is on the brink as CEO is forced out after 'challenging' year that saw 15% of staff laid off

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A major American tech firm is on the brink after its CEO was forced out following a mass layoff of 15 per cent of his company's staff. Pat Gelsinger, former CEO of Intel, resigned after less than four years in the role, having taken it on in February 2021. During his tenure, Intel's stock fell by 61 per cent, culminating in a massive restructuring effort which began in August that aimed to slash $10billion in costs and 'fundamentally change the way we operate', Gelsinger said at the time.
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