(Bloomberg) -- Intel Corp. is working with investment bankers to help navigate the most difficult period in its 56-year history, according to people familiar...
-- Intel Corp. is working with investment bankers to help navigate the most difficult period in its 56-year history, according to people familiar with the matter.The company is discussing various scenarios, including a split of its product-design and manufacturing businesses, as well as which factory projects might potentially be scrapped, said the people, who asked not to be identified because the deliberations are private.
No major move is imminent and discussions are still in early stages, the people cautioned. A representative for Intel declined to comment, while Morgan Stanley and Goldman Sachs didn’t immediately respond to requests for comment. Gelsinger, an Intel veteran who left the company for more than a decade, took the helm in 2021 and promised to restore the company’s technological edge. Under previous CEOs, the chip pioneer had lost market share and its long-vaunted reputation for innovation.
Adding to the upheaval, director Lip-Bu Tan abruptly stepped down from the board last week. The semiconductor veteran, who was brought in two years ago to help with the comeback effort, cited scheduling commitments. But his departure removed one of the few directors with industry knowledge and experience.
But the biggest client of Intel’s factory network is still Intel. Until the foundry business has more outside customers, it’s going to be challenged financially. It reported operating losses of $2.8 billion in its most recent quarter and is now on course to have a worse year than projected.
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