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 Fact Social publish, Trump stated Intel Chief Govt Lip-Bu Tan “is very CONFLICTED and should resign, instantly. There isn’t any 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 firms and referenced a previous prison case involving Cadence Design, the place Tan was CEO till 2021, Reuters reported.
Cotton wrote to Intel’s chair to “categorical concern concerning the safety and integrity of Intel’s operations and its potential impression on U.S. nationwide safety,” Reuters stated.
“Intel is required to be a accountable steward of American taxpayer {dollars} and to adjust to relevant safety rules,” Cotton wrote. “Mr. Tan’s associations elevate questions on Intel’s skill to satisfy these obligations.”
Tan has invested in quite a lot of Chinese language firms, together with some linked to the nation’s navy, each straight or via enterprise funds, Reuters reported in April.