Intel CEO Pat Gelsinger and key executives are expected to present a plan later this month to the company’s board of directors to slice off unnecessary...
FILE PHOTO: Intel CEO Pat Gelsinger delivers a speech at the COMPUTEX forum in Taipei - Intel CEO Pat Gelsinger and key executives are expected to present a plan later this month to the company’s board of directors to slice off unnecessary businesses and revamp capital spending, according to a source familiar with the matter, as they try to revive the once-dominant chipmaker's fortunes.
Intel has already broken off its foundry business from its design business, and has been reporting its financial results separately since the first calendar quarter of this year. In addition to the CEO and executive plans, Intel has retained Morgan Stanley and Goldman Sachs to advise the board on what businesses Intel can sell and what it needs to retain, according to two sources with knowledge of the company's advisory plans.
“It's been a difficult few weeks,” Gelsinger said at a Deutsche Bank conference. “And we’ve been working hard to address the issues.”
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