Intel’s CEO Lip-Bu Tan speaks on the firm’s Annual Manufacturing Know-how Convention in San Jose, California, U.S. April 29, 2025.
Laure Andrillon | Reuters
Intel shares have been beneath strain Thursday after President Donald Trump referred to as for the chipmaker’s CEO to resign instantly.
In a Reality Social publish, Trump mentioned Intel Chief Govt Lip-Bu Tan “is very CONFLICTED and should resign, instantly. There isn’t a different answer to this drawback.” Intel dropped within the premarket on the again of that publish, final buying and selling 5% decrease.
Intel didn’t instantly reply to a request for remark.
INTC drops
Tan was named as Intel CEO in March because the chipmaker tried to rebound from declining gross sales beneath the stewardship of Pat Gelsinger.
This week, Sen. Tom Cotton, R-Ark., questioned Tan’s ties to Chinese language corporations and referenced a previous felony case involving Cadence Design, the place Tan was CEO till 2021, Reuters reported.
Cotton wrote to Intel’s chair to “categorical concern in regards to the safety and integrity of Intel’s operations and its potential affect on U.S. nationwide safety,” Reuters mentioned.
“Intel is required to be a accountable steward of American taxpayer {dollars} and to adjust to relevant safety laws,” Cotton wrote. “Mr. Tan’s associations elevate questions on Intel’s capability to satisfy these obligations.”
Tan has invested in a variety of Chinese language corporations, together with some linked to the nation’s navy, each straight or by means of enterprise funds, Reuters reported in April.
