Intel CEO Lip-Bu Tan announced a restructuring plan involving layoffs and management changes to regain competitiveness. The company aims to cut $1.5 billion in operating expenses over two years, focusing on engineering talent and streamlining processes.

Intel CEO Lip-Bu Tan announced Thursday that hybrid employees must return to the office at least four days a week by September, according to Investopedia. Tan said Intel's offices should be vibrant hubs of collaboration,

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.