Thread regarding Intel Corp. layoffs

Talent cost money and getting rid of people not so much

H1Bs and H1B outsource companies to steal innovatively the jobs from America in Semiconductor and IT area!!

Wow! Those numbers are just, wow!

the necessity of closing the site resulted from the financial analysis carried out at Intel Romania

The financial analysis is a very serious and detailed one:

Intel Corp. disclosed a compensation package that could be worth more than $25 million for an executive recruited from rival Qualcomm Inc. who will hold a pivotal position at the chip giant.

The package for Venkata “Murthy” Renduchintala includes an $8.1 million sign-on bonus and an initial award of restricted stock units also valued at $8.1 million. Mr. Renduchintala, who will receive an annual salary of $900,000, is eligible for an annual cash bonus of up to $2.1 million and a performance-based equity award each year worth up to $6 million, according to an offer letter Intel included in a filing Friday with the Securities and Exchange Commission.

As a consequence we have no other choice than firing 200 people in Romania.

You are officially Obsolete. Welcome friend.

They need to be put in jail all three of them!

Romania is by no means a high cost geo

Indian master race towers over the unemployed whities.

What's really going on is they want to push as many jobs into 'low cost geos' as possible, and cut in 'low cost geos' as little as possible, only as much as it takes to look like what they're doing is legal. Expect all 'first world' countries to be hit very hard. Penang and India not so much.

The three stooges: Andy Bryant, BK, and Stacy Smith.

Those three will go down in history as the three stooges who took Intel to the brink of disaster. You know what? Those three could careless. They got theirs.

.......Or the Indians are just better than the Romanians.

@HAj78th-cfe That's kinda what I figured too. Political correctness and diversity on steroids implemented by cheap Indian labor.

In the notification sent to the Bucharest employees they said that the necessity of closing the site resulted from the financial analysis carried out at Intel Romania, but this is obviously not true because all official data shows that the profit of the site increased every year. They do not have any valid reason for this closure.

@HAj78th-gmc You're missing the real point as well.

These actions have nothing to do with reducing overall headcount. I assure you, Intel will not have 12,000 fewer employees when this is all said and done.

This about cost savings. This is about forcing out older and expensive employees. This is about forcing out older, expensive, white employees. This is about forcing out older, expensive, white, and male employees.

BK has ZERO idea how to manage a company. ZERO. He is a socially inept, awkward, sociopath that knew how to copy exactly what someone told him to do. He has no financial abilities. He has no business abilities. He has no leadership abilities. So, in his limited brain, the only way he can hit the numbers for Wall Street is to reduce costs, specially in labor.

He'll save ~750M a year getting rid of those people.

Meanwhile, he burned $10B chasing Market Segment Share in a market that was slowing down. No one bats an eye.

But, this isn't about headcount reduction. This is about young cheap diverse labor. Period.

@HAj78th-wwi you forgot Craig Barrett, who started this bullshit in the 90's.

I think you are missing the point. Simple facts are:

They want to cut 12000 people

They don't give a damn if they are bad, good or great engineers

All they care is they can defend themselves in a law suit

As long as any job can be cut with a defendable formula they will cut it

Keep your skills sharp is the only insurance you got

Apparently they do not like small sites.

Whatever they do and even if there are very competent people there.

Apparently you still have trust in his words? He lose me after he said "You are fired with Care, Respect and Dignity"

_Andy D. Bryant

Andy D. Bryant joined Intel in 1981 as controller for the company’s commercial memory systems operation. After becoming chief financial officer (CFO) in 1994, he rose to chief administrative officer (CAO) in 2009. He was named a director in 2011. Since 2012, Bryant has been chairman of the board.

Bryant’s total compensation at Intel for 2015 exceeded $6.96 million. Of that amount, over $4.58 million was awarded as stock. Documents on file with the Securities and Exchange Commission (SEC) reveal that as of April 23, 2016, Bryant held 390,981 shares of Intel stock. He attracted publicity on April 21, 2016, when he sold 185,740 shares of the firm’s stock for a total of nearly $6 million.

Brian M. Krzanich

Brian M. Krzanich has been the chief executive officer (CEO) of Intel since May 16, 2013. He joined the company in 1982, working as a process engineer in New Mexico. After working as manufacturing manager at several Intel factories, he served as the Fab 17 plant manager, from 1997 to 2001. At the Fab 17 plant, Krzanich oversaw the integration of Digital Equipment Corporation’s semiconductor manufacturing operations into Intel’s manufacturing network.

Krzanich’s 2015 compensation at Intel exceeded $14.63 million. Of that amount, approximately $9.80 million was awarded as stock. The April 27, 2016, Form 4 on file with the SEC revealed that Krzanich held 399,487 shares of Intel stock as of April 25, 2016.

Stacy J. Smith

Stacy J. Smith is the executive vice president and CFO for Intel. He joined the company in 1988. He has worked for Intel in the United States, Asia, Europe and Latin America, holding positions in finance, information technology, sales and marketing.

During 2015, Smith’s salary was $775,000. He earned a $1.79 million bonus, and he was awarded approximately $4.39 million in stock. The Form 4 filed with the SEC on April 27, 2016, revealed that Smith held 262,026 shares of Intel stock as of April 25, 2016._

Three Dead Woods... This is what's REALLY going on at Intel. Plus Murthy, stinking motherfucker. ;-)