Intel CEO to pitch board on plans to shed assets and cut costs, source says

Chipmaker said in August it would cut 15% of its workforce and suspend its dividend in the fourth quarter

Intel employs some 4,900 people in Ireland, making it one of the State's largest employers. (Photo by Liu Guanguan/China News Service/VCG )

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.