Results for: Pat Gelsinger

Intel CEO Pat Gelsinger is set to present a plan to the Intel board, aimed at reviving the company by selling assets and cutting costs. The plan, to be presented at a mid-September meeting, includes potential divestitures of business units like Altera, the programmable chip unit. Intel has enlisted Morgan Stanley and Goldman Sachs to advise on the asset sales, while the plan may also involve halting the $32 billion German factory project. These moves are part of a broader effort to revitalize the struggling chipmaker, facing challenges like weak second-quarter earnings and declining market capitalization.

Intel is considering a major restructuring, potentially separating its chip design and manufacturing businesses. This move comes as the company faces its most challenging period in its history, marked by declining performance and financial losses. CEO Pat Gelsinger is exploring options to revitalize Intel, with the potential sale of the foundry business a key consideration.