Posted on 08/06/2024 7:13:47 AM PDT by SeekAndFind
The CEO of Intel prompted mixed reactions for posting a verse from Proverbs on Sunday after announcing that more than 15% of the tech company's workforce will be laid off amid its plummeting share price.
"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," Pat Gelsinger posted to X, quoting Proverbs 4:25-26.
Gelsinger drew criticism from some X users who mocked him for "praying" and accused him of "resorting to religion to save the company."
"Have you even asked yourself how bad it really is?" one user asked. "It's 'Intel CEO is quoting the bible' levels of bad."
Though his most recent biblical tweet drew particular attention amid the turmoil at Intel and in the market generally, Gelsinger has routinely used his X account to post his favorite verses every week.
Gelsinger, who first worked at Intel when he was 18 and has served as CEO since 2021, is an outspoken Christian. When he was CEO of VMWare in 2013, he co-founded Transforming the Bay with Christ, a nonprofit organization that works to jumpstart a Jesus movement in the San Francisco Bay Area to lead to a spiritual and societal transformation.
Gelsinger's post came days after he announced in a note to employees last week that the chipmaking company would be cutting about 17,000 of its 116,500 workers as part of a $10 billion cost-reduction plan, according to FOX Business.
"This is an incredibly hard day for Intel as we are making some of the most consequential changes in our company’s history," Gelsinger said. "Simply put, we must align our cost structure with our new operating model and fundamentally change the way we operate."
"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."
"These decisions have challenged me to my core, and this is the hardest thing I’ve done in my career. My pledge to you is that we will prioritize a culture of honesty, transparency and respect in the weeks and months to come," he added.
Intel's stock price cratered 26% in the wake of Gelsinger's announcement, marking its worst day in 50 years and second-worst ever, according to CNBC. In July 1974, the company saw a 31% drop just three years after its initial IPO.
Intel's decision to cut jobs comes despite an influx of approximately $8.5 billion in grants from the federal government intended to reinvigorate chipmaking in the United States, FOX Business reported.
The seven most-valuable tech companies in the United States hemorrhaged a combined $1 trillion in market value when trading began Monday, dragging the Nasdaq down more than 3%, according to CNBC.
Part of their cost structure is the major investment Intel is making in US-based fabs. $32billion in AZ and $28 billion in OH. So just keep this in perspective…and where these and future jobs are.
Mentored by Intel CEO Andrew Grove, (WIKI)
I worked at Intel under Andy. Good enough for Andy was a dang good recommendation.
Diversity & Inclusion at intel
https://www.intel.com/content/www/us/en/diversity/diversity-at-intel.html
Agnostics, Atheists, and Allies at Intel
American Veterans at Intel
Arabs at Intel Community
Asian Cultural Integration
Baha’i Intel Network
Employees X-Site Together Embracing Diversity
India Veterans at Intel
Intel Armenian Society
Intel Bangladesh Association
Intel Bible-based Christian Network
Intel Black Leadership Council
Intel Chinese Employee Network
Intel Disability and Accessibility Network
Intel Disability Leadership Council
Intel Doctorates Leadership Forum
Intel Eastern European Balkanika Group
Intel Filipino Employee Network
Intel French Speakers Network
Intel Hindu Network
Intel India Employee Group
Intel Indigenous Peoples Leadership Council
Intel Iranian Employee Group
Intel Irish Network
Intel Jewish Community
Intel Korean Community
Intel Latinx Leadership Council
Intel Latinx Network
Intel Muslim Employee Group
Intel Native American Network
Intel Nepalese Group
Intel Network of Executive Women
Intel Pakistani Employee Group
Intel Parents Network
Intel Pride
Intel Russian Speaking Employee Group
Intel Sikh Employee Group
Intel Taiwan Network
Intel Veteran Leadership Council
Intel Vietnamese Group
Network of Intel African Ancestry
NextGen Professionals Network
Out and Ally Leadership Council
Pacific Islanders of Intel
Partners for Inclusion and Equity
Senior Women’s Community
Turkish Employee Network at Intel
Women at Intel Network
Andy was a great man and it was an honor to work for him.
I once road an elevator with Gordon Moore.
Suddenly the elevator seemed much heavier.
Bob Noyce brought semi manufacturing back to the USA.
Paul Ortelini got Apple buying Intel Processors.
All were Republicans and all were pillars on the world stage.
GWB treated them like garbage.
I was once Bobby Baker’s supervisor. He blew by me like a hurricane...
We have to accept there will be ridicule towards Christians. It was like that then, and it will be like that until Christ’s return. It means we are on the right track.
Seems like good advice to me.
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