What a ro--h Frank Yeary is to do this to Intel employees! Doesn’t he realize morale is at an all time low, people need to focus on work, and he goes and pulls a stunt like this to bring unwanted media distraction to further demoralize employees?!!!! And he’s not even letting CEOs get a chance to turn the company around. If anyone should be a target it should be HIM!!!
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Yeary had one job to do, one job!
Bailouts, Bailouts, everywhere Bailouts.
Barrett out with an oped, saying all the major tech companies should give Intel $50B, because he doesn't think the gov't will. TACO & Yeary want TSMC to kick in a similar amount.
Add that to PG calling for a national sovereign wealth fund, to presumably bail out Intel, and former directors saying some version of both statements, and it seems like a plea for Corporate Welfare.
Past CEOs, Board and ELT have collectively squandered at least $100B, and now can't imagine any consequences for that mismanagement.
The US is not really a pure capitalist country, but it is about the best that passes for it nowadays, so it is a toss up if ultimately the company is broken up and sold off in a Ch11 fire sale, or bailed out by various parties and allowed to linger on.
What is hilarious is that with all the hate from IFS on LBT before this came out... LBT turns out to be actually IFS's hero. You can't write a more crazy script.
Yeary looks like Jamie Lee Curtis in drag, and not the young, hot Jamie either.
@dc Remember the rumors about former GF CEO Tom Caufield being courted by the Board?
Just see if he becomes the CEO of IFS when it is spun off from Intel.
Then watch what he does, because it will be shock and awe, baby, shock and awe.
@ck It's been mentioned in other posts, but a fast spinoff of foundry, followed by a Ch11 (prearranged) filing would enable foundry to eliminate all retiree liabilities such as the pension fund, RSUs, SERMA, and the IRMP.
It also, and maybe more importantly, would enable foundry to do mass layoffs without severance, cut pay and benefits, and avoid any liabilities the fabs have accumulated over all these years (debt, deaths, injuries, environmental, etc).
In other words, a clean slate. Companies do this all the time.
TSMC might well be up for buying 49% of that deal, and may even be insisting that foundry do a Ch11 as a condition of the investment.
Won't take long to find out how this all works out, and the announcement of a spin off could spike the stock to $30 or so. That may be the time to clear the stock out of ones account, because IFS could wipe out everyone in Ch11.
Frank Yeary the type of dude to close the fridge door with his hips
@bp Be wary of anything Yeary promotes, because his track record is nearly perfectly bad.
I get why the president wants a fast spin out of IFS, but that doesn't make it a good thing for the company or any of the employees.
This is how GF almost went bankrupt, and IFS might well choose Ch11 to wipe out all past liabilities. Retirees, stockholders, any pending legal issues, everything.
It would also enable them to do mass layoffs with no severance and to cut pay and benefits for those who remain, to get the cost structure to be more competitive.
Nothing good can come of a fast Foundry exit from Intel. It will be all bad, all the time.
If Yeary gets his way, with the help from Cotton and the Donald, then IFS could be spun off very quickly.
Just the announcement of intent would cause the stock to go up 30% to 50%.
Kind of odd that the Intel trolls are going so crazy about LBT, when he is the one wanting to go the slower route of fixing IFS in place before doing a spin off.
Because that would likely drag the stock much lower before it recovers.
But then trolls aren't known for their smarts.
@bd Sorry, stated that backward, but the struggle is real.
Yeary wants to do a spin off and that is what the prez wants too, with TSMC as an investor. LBT wants to at least try to make it work, so the effort here is to control that decision by attacking LBT.
LBT would also do a spin off, but after cleaning up IFS and TD. The other are impatient and the prez wants this as part of a Taiwan deal.
https://wccftech.com/intel-ceo-lip-bu-tan-fought-chairman-frank-yeary-to-save-firms-chip-manufacturing-business-as-he-argued-for-us-manufacturing-security-says-report/
'As per the Journal, the spinoff was being pushed by Intel chairman Frank Yeary, who continues to be at odds with Tan regarding the future of Intel's manufacturing business.'
There are articles out there that speak of Yeary pushing back hard on LBT wanting to spin off IFS.
So yeah, Yeary could be feeding Cotton info, trying to get LBT pushed out or at least to control him.
Of course, the prez wants to see the Intel fabs continue, and may not understand that a spin off is still partly owned by Intel, even though he is pushing TSMC to buy in.
Nuance is not his specialty, so maybe Intel should explain how a spin off is a good thing, because it is.
Ni Hao! You have to understand Trump wants results and loyalty. LBT delivers neither.