Intel's Former chief executive officer Pat Gelsinger, who resigned on December 1, said that every week on Thursday he performs a 24-hour prayer and fasting day for the 100K Intel employees as they navigate this difficult period. He invited people to join him in this novel gesture for this week's prayer.
"Intel and its team is of seminal importance to the future of the industry and US," Gelsinger wrote in an X post.
He also thanked the people who joined him for fasting and prayer yesterday, per his invitation for Intel employees, their families and communities.
Gelsinger's Resignation
Gelsinger's sudden resignation not only shocked the industry but also left speculations around its actual reason.
Reuters reported that, Intel Corp's board of directors presented Gelsinger with two options of either to resign voluntarily or face termination.
While Intel's struggles to keep up with its rivals amid financial pressure is no secret, the conflict around Intel's decision to split business also catching traction. Gelsinger, who joined as CEO in 2021 and served until his resignation, was against the business split and believed that the factory and product-development divisions of the company were better kept together.
Recently, its chief financial officer David Zinsner said that the formal separation of the company's main two parts will be decided by its next CEO, according to Bloomberg.
The company also incurred a loss of $16.6 billion as of the third quarter of 2024, CNBC reported.
Currently, Zinsner and Michelle Johnston Holthaus are serving as co-CEOs while the board searches for a permanent leader.
Intel's Crisis
On August 1, the semiconductor giant reported their disappointing financial results. Intel reported that its sales were down by 1 per cent year on year, and declared a net loss of $1.6bn, compared with a profit of $1.5bn in the same period in 2023.
The company has been reducing its workforce by thousands to maintain its competitiveness and sold its 1.18 million share stakes in the British chip company Arm Holdings earlier this year.
