This is what happens when the MBAs and the bean counters take over. They cut the fat, then they slice right through the muscle and bone.
The issues with MBAs and bean counters are that they rarely have intuition about which is which, and only investing in areas a company is already successful in is rarely a winning long term strategy.
The issue is that engineering leadership failed to execute on the process technology roadmap.
But if you look at the past CEOs, Intel had Krzanich (fab guy), Swan (CFO guy who didn't even want the job but they couldn't find anyone else), and Gelsinger (design guy and Grove disciple) in 11 years. I'll even throw in Jim Keller, not a CEO but still The Chip God, who left in frustration after two years.
What's the one common problem that all of them had despite all their different backgrounds? Getting relevant nodes to market and scaling them up. Their foundry efforts (v1 and v2) have been disastrous. The CEOs or MBAs perhaps were a friction, but they aren't the root cause. Technology Development has been the center of power that the fabs and products revolved around for decades.