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,

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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.