Trump calls for Intel CEO’s resignation, stock falls 4%

Investing.com -- Intel (NASDAQ: INTC) stock fell 4% in pre-market trading on Thursday after President Donald Trump called for the immediate resignation of the company’s CEO, Lip-Bu Tan.

In a post on his Truth Social platform, Trump wrote: "The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!"

The comments come amid growing scrutiny of Tan’s ties to China. Recently, Senator Tom Cotton, chairman of the Select Committee on Intelligence, sent a letter to Intel’s board chairman Frank Yeary requesting information about Tan’s investments in Chinese semiconductor companies and entities with connections to China’s military.

Cotton specifically raised concerns about Tan’s previous leadership of Cadence Design (NASDAQ: CDNS) Systems Inc., which pleaded guilty in July to violating U.S. export controls by selling hardware and software to China’s National University of Defense Technology.

In his letter, Cotton stated that Tan’s associations "raise questions about Intel’s ability to fulfill these obligations" as "a responsible steward of American taxpayer dollars" and to comply with security regulations.

Tan took over as Intel’s CEO earlier this year as the chipmaker works to revitalize its business amid intense competition and manufacturing challenges.

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