Intel Needs A New CEO ?
Pat Gelsinger, the recently ousted CEO of Intel, has made an unusual request: he's calling for people to join him in prayer and fasting for the company's 100,000 employees. This comes after a turbulent period for Intel, marked by a significant stock decline, workforce reductions, and ultimately, Gelsinger's own departure.
Gelsinger announced his request on X (formerly Twitter), stating, "Every Thursday I do a 24-hour prayer and fasting day. This week I'd invite you to join me in praying and fasting for the 100K Intel employees as they navigate this difficult period."
He emphasized the importance of Intel and its employees to the future of the industry and the United States.
Gelsinger's Departure and Intel's Struggles
Gelsinger's exit from Intel was orchestrated by the board of directors, who had lost confidence in his strategic vision.
The company has faced significant challenges during his tenure, with its stock plummeting 58% year-to-date. This stands in stark contrast to the S&P 500's 28% rise and Nvidia's near-threefold increase during the same period.
Intel has undergone massive restructuring efforts to address these challenges, including cutting 15% of its workforce and reducing spending by $10 billion.
In its most recent quarter, the company reported a loss of $0.46 per share, with revenue falling 6.2% year-over-year to $13.28 billion.
Interim Leadership and the Search for a New CEO
In the wake of Gelsinger's departure, David Zinsner and Michelle Johnston Holthaus have been appointed as interim co-CEOs.
The board is currently conducting a comprehensive search for a permanent leader. Interestingly, Intel is breaking from tradition by actively considering external candidates, including Matt Murphy from Marvell Technology and Lip-Bu Tan, a former board member.
Gelsinger's Continued Defense of Intel's Technology
Even after his ouster, Gelsinger continues to be a vocal advocate for Intel's technological initiatives.
He recently challenged criticisms regarding the company's 18A semiconductor process, arguing that yield rate percentages do not accurately reflect technological progress.
A Message of Hope and Resilience
Alongside his call for prayer, Gelsinger posted a biblical quote from Proverbs 3:3: "Let love and faithfulness never leave you; bind them around your neck, write them on the tablet of your heart."
This serves as a poignant message of hope and resilience for Intel employees facing uncertain times.
Looking Ahead
It remains to be seen how Intel will navigate this challenging period and who will ultimately take the helm as its new CEO. Gelsinger's call for prayer and fasting underscores the personal impact of these changes on the company's employees. It also highlights the crucial role that Intel plays in the technology industry and the broader US economy. The coming months will be critical for Intel as it seeks to regain its footing and chart a course for future success.