Intel Capital Says It’s Not Planning Major Changes to Portfolioby
Some employees to shift roles, others to leave company
Firm has completed review of portfolio of investments
Intel Capital, the venture arm of Intel Corp., said it has completed a review of its holdings and decided it won’t make any ‘major changes’ to its portfolio.
The firm intends to keep investing from $300 million to $500 million a year, according to a blog posting by President, Wendell Brooks. Intel had been considering selling off as much as $1 billion of assets and was seeking buyers, Bloomberg reported earlier this month.
“In February, I noted we were taking a fresh look at our portfolio to ensure we were best positioned to help our companies grow beyond just financial support,” Brooks wrote. “Despite what you may have read or heard, we are not planning any major changes to Intel Capital’s portfolio. While, like all investors, we’ll continue to actively manage our investments, I intend to keep and support the portfolio I inherited.”
Brooks, who took the top job at one of the largest corporate venture capital firms in January, said he will move some of his staff to new roles and others will leave.
Intel Chief Executive Officer Brian Krzanich is cutting jobs and shifting its priorities as the company’s main source of income -- the personal computer market -- heads toward its fifth-straight year of declines.
The company announced it will cut 11 percent of its workforce, or about 12,000 jobs, in April. It’s paring costs to focus more of its resources on the more lucrative server chip and Internet of Things businesses, Santa Clara, California-based Intel said.