In a heartfelt appeal, Intel’s ousted CEO Pat Gelsinger expressed his deep concern for the well-being and future of the company’s 100,000 employees and urged colleagues to join him in prayer and fasting.
In a post on The timing is on.” Intel and its team are vital to the future of the industry and America.
Gelsinger’s appeal comes after he was abruptly removed by the Intel board, which had lost confidence in his strategic vision. This comes amid a tumultuous period for Intel, which has seen the stock decline 58%, a sharp contrast to the S&P 500’s 28% rise and Nvidia’s impressive growth.
Every Thursday I pray and fast for 24 hours. This week I invite you to join me in praying and fasting for the 100 thousand Intel employees as they go through this difficult time. Intel and its teams are vitally important to the future of the industry and America.
– Pat Gelsinger (@PGelsinger) 8 December 2024
“Leading Intel has been the honor of my lifetime,” Gelsinger said in his retirement statement. “Today is definitely bittersweet because this company has been my life throughout my working career.”
Intel has undergone significant restructuring, including a 15% workforce reduction and $10 billion in expense cuts. The company recently reported a $0.46 loss per share and a 6.2% year-over-year revenue decline to $13.28 billion.
Following Gelsinger’s departure, David Zinsner and Michelle Johnston Holthaus have taken on the role of co-CEO. Intel is now conducting an extensive search for a permanent leader, exploring both internal and external candidates, including Marvell Technology’s Matt Murphy and former board member Lip-Boo Tan.
In a recent public statement, ousted CEO Pat Gelsinger defended Intel’s 18A semiconductor process, arguing that yield rates alone do not accurately reflect the company’s technological progress.
Gelsinger’s call to prayer included a powerful message of hope and resilience, taking inspiration from Proverbs 3:3: “Let love and faithfulness never leave you; bind them around your neck, bind them on the tablet of your heart.” Write.”
