Trump says CEO of Intel should resign, calling him “extremely conflicted”
President Trump known as on Intel CEO Lip-Bu Tan to resign on Thursday, prompting a slide within the expertise firm’s inventory.
“The CEO of Intel is very CONFLICTED and should resign, instantly,” Mr. Trump posted on Reality Social, with out offering extra particulars. “There isn’t any different answer to this downside. Thanks in your consideration to this downside!”
Intel didn’t instantly reply to CBS MoneyWatch’s request for remark. Its shares slipped 64 cents, or 3%, to $19.77 on Thursday.
The president’s name for Tan’s resignation comes after Sen. Tom Cotton, a Republican from Arkansas, despatched a letter to Intel Chairman Frank Yeary on Tuesday expressing concern over Tan’s investments and ties to Chinese language companies.
“Mr. Tan reportedly controls dozens of Chinese language corporations and has a stake in a whole bunch of Chinese language advanced-manufacturing and chip companies,” Cotton wrote within the letter. “A minimum of eight of those corporations reportedly have ties to the Chinese language Individuals’s Liberation Military.”
Cotton went on to say Cadence Design Methods, the multinational tech firm the place Tan served as CEO from 2009 to 2021, and which pleaded responsible final week to unlawfully exporting its merchandise to a Chinese language navy college and transferring its expertise to an related Chinese language semiconductor firm with out acquiring licenses.
“These unlawful actions occurred beneath Mr. Tan’s tenure,” Cotton wrote.
The senator requested Yeary to reply to a sequence of questions on Tan’s ties to the Chinese language corporations by Aug. 15.
Tan, a expertise investor and veteran of the semiconductor business, was appointed as CEO of Intel in March.
contributed to this report.
