Intel’s CEO Lip-Bu Tan speaks at the company’s Annual Manufacturing Technology Conference in San Jose, California, U.S. April 29, 2025.
Laure Andrillon | Reuters
Intel shares were under pressure Thursday after President Donald Trump called for the chipmaker’s CEO to resign immediately.
In a Truth Social post, Trump said Intel Chief Executive Lip-Bu Tan “is highly CONFLICTED and must resign, immediately. There is no other solution to this problem.” Intel dropped in the premarket on the back of that post, last trading 5% lower.
Intel did not immediately respond to a request for comment.
INTC drops
Tan was named as Intel CEO in March as the chipmaker tried to rebound from declining sales under the stewardship of Pat Gelsinger.
This week, Sen. Tom Cotton, R-Ark., questioned Tan’s ties to Chinese companies and referenced a past criminal case involving Cadence Design, where Tan was CEO until 2021, Reuters reported.
Cotton wrote to Intel’s chair to “express concern about the security and integrity of Intel’s operations and its potential impact on U.S. national security,” Reuters said.
“Intel is required to be a responsible steward of American taxpayer dollars and to comply with applicable security regulations,” Cotton wrote. “Mr. Tan’s associations raise questions about Intel’s ability to fulfill these obligations.”
Tan has invested in a number of Chinese companies, including some linked to the country’s military, both directly or through venture funds, Reuters reported in April.
