Intel CEO Lip-Bu Tan addressed “misinformation” about his previous roles after President Donald Trump called for his resignation and raised ethical concerns, CNBC reported.
“I want to be absolutely clear: Over 40+ years in the industry, I’ve built relationships around the world and across our diverse ecosystem – and I have always operated within the highest legal and ethical standards,” he wrote in a memo to employees on Thursday.
Tan said that Intel is working with the White House to address the situation and that he supports the president’s dedication to “advancing U.S. national and economic security.” He said Intel’s board is “fully supportive” of the company’s transformation plan.
Tensions hit a boiling point Thursday when Trump told Tan to step down as CEO “immediately” in a post on Truth Social and called him “highly CONFLICTED.” Intel shares fell 3% for the day.
TechRadar reported: President Trump has not been afraid of leveraging his influence to try and pressure organizations into policy or personnel changes, with his most recent vendetta is against Intel CEO Lip-Bu Tan.
Tan is accused by Trump of being ‘highly conflicted’, and the sitting President calls for his immediate resignation, claiming there is ‘no other solution to this problem.’
Trump’s call comes after Republican Senator Tom Cotton wrote to Intel’s board of directors asking about Tan’s “concerning” alleged ties to Chinese firms.
The conflict Trump and Cotton are referring to is Tan’s alleged control over multiple Chinese companies, some with reported ties to the Chinese military, as well as investments into Chinese tech companies, and an extended stint as CEO of tech firm Cadence Design Systems.
Ostensibly, the ties to Cadence Design Systems seems to be the sticking point for Trump, as the company pled guilty to unlawfully exporting chip design tools to restricted Chines military organizations, and paid over $140 million in penalties – although Tan was not personally indicted.
CBS News reported: Intel CEO Lip-Bu Tan is responding to President Trump’s call for him to resign over alleged conflicts related to his ties to Chinese businesses, saying he wants to clear up “a lot of misinformation.”
Tan, who became Intel’s CEO in March, defended himself in a letter addressed to employees and released publicly on Thursday.
Mr. Trump on Thursday accused Tan of being “highly CONFLICTED” in a post on Truth Social and called for his immediate resignation. The President’s post came 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 businesses.