President Trump called on the CEO of Intel to resign on Thursday, prompting the technology company’s stock to slip before the opening bell.
“The CEO of Intel is highly CONFLICTED and must resign, immediately,” Trump posted on Truth Social, without providing additional details. “There is no other solution to this problem. Thank you for your attention to this problem!”
The president’s call for Tan’s resignation comes after Sen. Tom Cotton, a Republican from Arkansas, sent a letter to Intel Chairman Frank Yeary on Tuesday expressing concern over Tan’s investments and ties to Chinese business
“Mr. Tan reportedly controls dozens of Chinese companies and has a stake in hundreds of Chinese advanced-manufacturing and chip firms,” Cotton wrote in the letter. “At least eight of these companies reportedly have ties to the Chinese People’s Liberation Army.”
Lip-Bu Tan, a veteran of the semiconductor industry, was appointed as CEO of Intel in March.
Intel’s stock fell more than 4% in premarket trading.
— This is a developing story and will be updated.
The Associated Press
contributed to this report.
Mary Cunningham
Mary Cunningham is a reporter for CBS MoneyWatch. Before joining the business and finance vertical, she worked at “60 Minutes,” CBSNews.com and CBS News 24/7 as part of the CBS News Associate Program.
