Intel's new CEO, Lip-Bu Tan, is flattening the semiconductor giant's leadership team, with important chip groups reporting directly to him, according to a memo from Tan seen by Reuters.

Another rumored partner has dismissed the prospect of an arrangement with Intel, suggesting the company won’t get outside help with its turnaround.

Intel CEO Lip-Bu Tan reportedly told employees he is shaking up the company’s leadership structure and naming an AI chief to cut down on “organizational complexity” and promote innovation.