Former Intel CEO asks people to pray and fast for employees

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. “Intel and its team is of seminal importance to the future of the industry and US.”

Gelsinger stepped down in a surprise announcement earlier in the week, replaced by co-CEOs David Zinsner and Michelle Johnston Holthaus.

Gelsinger, 63, took the reins as CEO in 2021 at a company beset with challenges. 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.

According to the report, the conflict was heightened last week after Gelsinger met with the board to discuss how to win back market share and narrow the gap between itself and Nvidia (NVDA). He was then given the option to retire or be removed.

The American chipmaking icon announced in August that it was letting go 15% of its staff and cut its spending and headcount by $10 billion as it works to streamline its operations.

In the most recently reported quarter, the company said it lost $0.46 per share as revenue fell 6.2% year-over-year to $13.28 billion.

Intel (INTC) shares are down over 58% YTD. In comparison, the S&P 500 has risen nearly 28%, while Nvidia (NVDA) has nearly tripled.