Over the last 10 years Intel has had layoffs every two years and most of the layoffs hit those lower than management. The new CEO has hinted at management being the target this time and it's probably long overdue. ELT, VPs and Management has steered the ship for far to long and it's result nothing but failure after failure.
Moral is at an all time low and I would imagine no one wants to work to there full potential due to the fact layoffs are the new normal. If he really wants to right the ship then it's time to remove the decision makers who have failed the company. I would imagine that won't happen so Intel will end up being a dumpster fire in the end and selling off eventually. Good luck Intel employees because your management will absolutely axe you yo save themselves.