Intel announced declared dismissal of every tenth employee

Intel Corporation has announced the dismissal of 12 thousand employees — about 11% of the entire state as a result of the upcoming restructuring, according to a press release published on the company’s website.

The reduction will occur gradually and will end by mid-2017 of the year, shared his plans Intel. Thus it expects to save $750 million this year and $1.4 billion by mid-2017.

According to the estimates of the Corporation, the restructuring will require approximately $1.2 billion in the second quarter of this year.

In addition, previously served as CFO Stacy Smith was appointed head of sales, production and development.

The Wall Street Journal notes that for a long time Intel was a leading supplier of microprocessors for personal computers. However, its sales has slowed down, which forced the company to focus on cloud technologies.