Intel's Pat Gelsinger Is 'Fasting' On Thursdays: Retired Or Fired?

Patrick P. Gelsinger, Former CEO of Intel, took to X late at night on Sunday to express that every Thursday he does a 24-hour prayer and fasting day.

What Is Behind This Sudden Spirituality?

On December 2, last week, Intel, the tech company headquartered in Santa Clara had announced that Pat Gelsinger had retired from the firm, effective immediately.

Intel had also named two senior leaders, David Zinsner and Michelle (MJ) Johnston Holthaus, as Interim Co-Chief Executive Officers while the Board of Directors is still on the lookout for a new CEO.

While Zinsner is the Executive Vice-President and Chief Financial Officer, Holthaus has been given the newly created position of CEO of Intel Products.

Intel Products is a group of companies that includes Intel's Client Computing Group (CCG), Data Center and AI Group (DCAI) and Network and Edge Group (NEX).

Additionally, Frank Yeary, Independent Chair of the Board of Intel, will become Interim Executive Chair during the transition period.

Yeary thanked Pat Gelsinger for his many years of service and dedication to the firm in terms of technological leadership.

Post resigning Gelsinger also said, "Leading Intel has been the honor of my lifetime – this group of people is among the best and the brightest in the business, and I’m honored to call each and every one a colleague. Today is, of course, bittersweet as this company has been my life for the bulk of my working career. I can look back with pride at all that we have accomplished together. It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics. I am forever grateful for the many colleagues around the world who I have worked with as part of the Intel family."

Resigned or Fired?

According to reports, the former CEO was actually fired as he failed to keep up with the Artificial Intelligence (AI) wave.

In his post on X, Gelsinger adds, "This week I'd invite you to join me in praying and fasting for the 100K Intel employees as they navigate this difficult period."

According to him, Intel and its team is of seminal importance to the future of the tech industry and the US, and he chooses to defend the firm's initiatives till date.

On the other hand, Yeary says, "“We are working to create a leaner, simpler, more agile Intel.”

According to reports, Yeary also played a key role in firing Gelsinger.

The Board of Directors had reportedly lost faith in Gelsinger's long-term strategic vision and therefore came to the decision of removing him. Prior to this development, the company's stock had also plummeted 58 per cent since the beginning of this year.

This was a highly disadvantageous position for the firm when taken into consideration with the S&P 500's 28 per cent rise. Additionally, Nvidia's increasing profits also further emphasised the downward spiral for Intel, given that it is a competitor in the same segment.

Intel, the semiconductor giant has gone through immense restructuring at the level of its management. It has also cut off about 15 per cent of its workforce in addition to reducing expenses by USD 10 billion.

Intel had also reported a decline in its revenue by 6.2 per cent in the third quarter to USD 13.28 billion.