Intel stock up as new CEO Lip-Bu Tan eyes cuts to ‘slow-moving and bloated middle management’: Report

Shares of Intel Corporation (NASDAQ:INTC) rose over 8% in early morning trading on Monday on news that incoming CEO Lip-Bu Tan has big plans to turn around the ailing chipmaker, including restructuring the company’s approach to AI, resurrecting its manufacturing operations, and eyeing cuts to what Tan views as a “slow-moving and bloated middle management layer,” according to a Reuters report.

Tan said he’ll need to make “tough decisions” when he takes Intel’s helm on Tuesday, after the...