Intel CEO To Pitch Board on Plans To Shed Assets, Cut Costs

An anonymous reader shares a report: 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. The plan will include ideas on how to shave overall costs by selling businesses, including its programmable chip unit Altera, that Intel can no longer afford to fund from the company's once-sizeable profit. Gelsinger and other high-ranking executives at Intel are expected to present the plan at a mid-September board meeting, the same source said. The proposal does not yet include plans to split Intel and sell off its contract manufacturing operation, or foundry, to a buyer such as Taiwan Semiconductor Manufacturing Co., according to the source and another person familiar with the matter.The presentation, including the plans around its manufacturing operations, are not yet finalized and could change ahead of the meeting.

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