Shortly after Intel's April quarter-earnings call with Wall Street analysts, CEO Brian Krzanich headed to the Business Update Meeting, the company’s quarterly all-hands widely known as "BUM."
The crowd was predictably hostile: Intel had just announced 12,000 job cuts, or an 11% workforce reduction, one of the largest in company history.
There was an air of tension as Intel didn’t give any advanced notice about the layoffs, according to several employees who attended the all-hands meeting.
During the hour-long meeting, Krzanich was asked pointed questions about site closures, project cancellations, and the long-term goal of the restructuring.
At one point, Krzanich had to answer why he took a raise when the rest of the company was trying to save costs through job cuts. (His response: He started with a low salary and is still below the median for his position compared to his peers, as noted