Intel CEO should resign immediately, no other solution as he is Highly ..., says Donald Trump
Intel
CEO Lip-Bu Tan to resign immediately, alleging a significant 'conflict of interest.' The demand, posted on Trump's Truth Social platform on Thursday (August 7), comes days after US Senator
Tom Cotton
has sent a letter to the US chipmaker's board chair, seeking clarifications about the new CEO and his alleged ties to Chinese firms.
'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!' Trump said in a post on Truth Social. Following this statement, Intel's shares dropped by 5% in premarket trading.
It is to be noted that Lip-Bu Tan was appointed CEO of the chipmaking giant in March, taking the helm as the company struggled to recover from a period of declining sales under his predecessor, Pat Gelsinger.
US Senator sends letter to Intel Board on CEO Lip-Bu Tan's 'China ties'
Trump's call for resignation comes just days after Senator Cotton raised concerns about Tan's alleged ties to Chinese companies. Senator Cotton also referenced a recent criminal case involving Cadence Design, a company where Tan served as CEO until 2021.
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According to a report by news agency Reuters, Cotton expressed 'concern about the security and integrity of Intel's operations and its potential impact on US national security.'
In his letter, Cotton specifically asked whether Intel's board was aware of subpoenas sent to Cadence Design during Tan's tenure as CEO, which concluded in 2021. He also sought details on what measures were taken to address those concerns before Tan's hiring at Intel.
Cotton further questioned if Intel's board required Tan to divest from Chinese chip firms linked to the Chinese military or Communist Party. He also inquired whether Tan adequately disclosed any other ties to Chinese companies, especially given Intel's critical role in the Secure Enclave program.
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