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Lip-Bu Tan and chip maker’s directors have been clashing over how to revive the struggling tech giant
Yeary, a former investment banker, had drawn up a plan for Intel to exit from the foundry business entirely earlier this year when acting as interim executive chair. Yeary’s proposal involved spinning out the business and having other companies such as Nvidia and Amazon take stakes in it, the people said. Yeary also explored brokering a sale of the business to Taiwan’s TSMC, the people said, but that effort went nowhere.
Tan, on the other hand, has argued that Intel’s foundry business is integral to its success and needed to ensure the U.S. doesn’t become reliant on foreign semiconductor companies such as TSMC and Samsung, the people said. (While TSMC and Samsung have committed to building more plants in the U.S., critics say their research and development efforts are still centralized elsewhere.)
More recently, Intel had lined up a handful of Wall Street investment banks to facilitate a multibillion-dollar capital raise, with the aim of using the money to invest in its fabrication plants and bolster the company’s balance sheet, the people said.
Management hoped to kick off the efforts around the company’s most recent quarterly earnings report in late July. But some board members, including Yeary, wanted to move on a slower timeline than Tan and pushed it back, possibly to 2026, the people said.
Source:
https://www.wsj.com/tech/intel-ceo-lip-bu-tan-trump-board-9cc08631?reflink=desktopwebshare_permalink
