Former Intel CEO asks people to pray and fast for employees Dec. 08, 2024 3:05 PM ETIntel Corporation (INTC) StockNVDABy: Vansh Agarwal, SA News Editor (2min) Ousted Intel (NASDAQ:INTC) chief executive Pat Gelsinger asked people on Sunday to pray and fast for the chipmaker’s 100,000 employees as investors wonder about the future of the semiconductor giant.
“This week I’d invite you to join me in praying and fasting for the 100K Intel employees as they navigate this difficult period,” Gelsinger wrote in a post on X.
He embarked on an ambitious turnaround plan for Intel (INTC), trying to restore its lead in making the smallest and fastest chips and establishing a foundry business.
But Gelsinger was reportedly forced out after Intel’s (INTC) board of directors lost confidence in his plan to turn the company around.
Intel (INTC) shares are down over 58% YTD.
A former CEO of Intel requests that people fast and pray for the company’s workers.
Dec. Intel Corporation (INTC) StockNVDA, August 8, 2024, 3:05 PM ET, by Vansh Agarwal, SA News Editor.
(two minutes).
On Sunday, Pat Gelsinger, the former CEO of Intel (NASDAQ:INTC), urged people to fast and pray for the company’s 100,000 workers as investors worry about the semiconductor giant’s future.
“I would like to ask you to join me in praying and fasting for the 100,000 Intel employees this week as they go through this challenging time,” Gelsinger wrote in a post on X. For the industry’s and the US’s future, Intel and its staff are crucial. “..”.
Earlier in the week, Gelsinger announced his resignation, and co-CEOs David Zinsner and Michelle Johnston Holthaus took over.
In 2021, the 63-year-old Gelsinger assumed leadership of a struggling company as its CEO. He started an aggressive turnaround strategy for Intel (INTC), aiming to regain the company’s leadership in producing the smallest and fastest chips and starting a foundry.
However, it has been reported that Gelsinger was fired after the board of directors at Intel (INTC) lost faith in his ability to turn the business around.
According to the report, Gelsinger’s meeting with the board last week to discuss ways to regain market share and close the gap with Nvidia (NVDA) intensified the conflict. The choice to retire or be removed was then presented to him.
As part of its efforts to streamline its operations, the American chipmaking giant announced in August that it was laying off 15% of its employees and reducing its spending and workforce by $10 billion.
As revenue dropped 62% year over year to $13.28 billion in the most recent quarter, the company reported a loss of $0.46 per share.
YTD, shares of Intel (INTC) have dropped more than 58%. By contrast, the SandP 500 has increased by almost 28%, and Nvidia (NVDA) has almost tripled.
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