Tech CEO Posts Scripture Amid Company Woes
By Movieguide® Contributor
Intel’s CEO is drawing criticism after posting scripture amid major layoffs at the company and plummeting stock prices.
“‘Let your eyes look straight ahead; fix your gaze directly before you. Give careful thought to the paths for your feet and be steadfast in all your ways’ Proverbs 4:25-26,” Pat Gelsinger posted to X.
“Let your eyes look straight ahead; fix your gaze directly before you. Give careful thought to the paths for your feet and be steadfast in all your ways” Proverbs 4:25-26
— Pat Gelsinger (@PGelsinger) August 4, 2024
His post quickly generated commentary from people about how poorly Intel’s stock is doing.
“Intel going this bad that you have to pray to god?” one person replied. Another joked, “God is the only one who can save Intel after their problems lately.”
Others supported Gelsinger, with one person writing, “I’m saddened to see this outpouring of vile comments. Pat is a devout man of God and is a brilliant engineer. He represents the old hardcore engineering culture of intel. He was handed a company that had veered from the culture that built the company. I wish him the best as he tries to turnaround an American icon.”
Intel recently announced massive layoffs, with plans to cut 15% of its workforce by the end of the year. These plans were put into place after the company reported a $1.6 billion net loss for 2024’s Q2.
In a memo to Intel staff, Gelsinger called the layoffs “the hardest thing I’ve done in my career.”
“Our costs are too high, our margins are too low,” he continued. “We need bolder actions to address both — particularly given our financial results and outlook for the second half of 2024, which is tougher than previously expected.”
Gelsinger concluded, “These decisions have challenged me to my core…My pledge to you is that we will prioritize a culture of honesty, transparency and respect in the weeks and months to come.”
Following the release of Gelsinger’s memo, Intel had its worst day on the market in 50 years, with stock dropping 26% to $21.48 at the close.
“It was the second worst day ever for the shares, behind only a 31% drop in July 1974, which was three years after Intel’s IPO,” CNBC reported. “The company’s market cap is now below $100 billion.”
