Former Intel CEO Pat Gelsinger requires prayer and fasting for workers

Former Intel chief Pat Gelsinger, who stepped down from his management publish every week in the past, is inviting individuals to hitch him in prayer and fasting for the struggling chipmaker’s workers.

“Each Thursday I do a 24-hour prayer and fasting day,” Gelsinger wrote on X on Sunday morning. “This week I would invite you to hitch me in praying and fasting for the 100K Intel workers as they navigate this troublesome interval. Intel and its staff are of seminal significance to the way forward for the trade and US.”

The 63-year-old Gelsinger resigned from Intel and its subsidiary, Mobileye, on Dec. 1, after spending three long time of his profession on the firm, together with the final 4 years as its CEO. The chipmaker has struggled amid the rise of rivals like Nvidia and Taiwan Semiconductor Manufacturing Co., and Gelsinger’s departure comes within the midst of a four-year turnaround plan aimed toward bolstering Intel’s chipmaking competitiveness.

Two senior leaders, David Zinsner and Michelle Johnston Holthaus, will function as interim co-CEOs whereas the board conducts a search for a brand new chief government, which has already begun. The corporate stated it has already shaped a search committee “and can work diligently and expeditiously” to search out Gelsinger’s everlasting alternative.

Patrick Gelsinger, then-chief govt officer of Intel Corp., speaks throughout a Bloomberg Studio 1.0 interview on the firm’s headquarters in Santa Clara, California, U.S., on Thursday, Feb. 3, 2022.

Intel just lately obtained billions of {dollars} in federal funds underneath the CHIPS Act, which offers grants, loans, and tax credits to chipmakers aimed toward returning extra semiconductor manufacturing to the U.S. from abroad.

The Commerce Division awarded almost $8 billion in CHIPS Act funding to Intel every week earlier than Gelsinger’s retirement, although that quantity was smaller than the corporate’s preliminary award underneath the regulation as a consequence of it receiving a $3 billion contract from the Division of Protection in September.

Then-Intel CEO Pat Gelsinger reveals US President Joe Biden a processor and semiconductor wafer throughout a tour at Intel Ocotillo Campus in Chandler, Arizona, on March 20, 2024. (BRENDAN SMIALOWSKI/AFP through Getty Photos / Getty Photos)

The corporation had been anticipated all along to be the chief beneficiary of the tens of billions in taxpayer subsidies allotted underneath the bipartisan CHIPS Act handed two years ago. However, as a substitute for making the roles promised underneath the coverage, it slashed its workforce by 15% in August.

Some consultants have expressed concern over the federal authorities sending a large quantity of taxpayer {dollars} to the struggling chipmaker. Intel’s inventory worth is at present down greater than 56% in 12 months to this point.