Intel CEO Says He Has Board’s Support After Trump Calls to Step Down

Intel (INTC) CEO Lip-Bu Tan said he has the full support of the company’s board, after President Donald Trump called for him to step down.  

In a letter to employees, Tan said “there has been a lot of misinformation circulating,” and that he is engaging with the Trump administration to address concerns raised.

Yesterday, Trump posted on his Truth Social network, “The CEO of INTEL is highly CONFLICTED and must resign, immediately.” 

The comments came after Sen. Tom Cotton (R-Ark.) wrote a letter to Intel’s board chair earlier this week, asking about Tan’s ties to Chinese firms, and stakes in companies with reported connections to the country’s military. Tan, who took the helm of Intel in March, was previously CEO of Cadence Design Systems (CDNS), which said it recently settled legal proceedings related to “operations and business dealings in China.” 

Tan said in his letter, “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. My reputation has been built on trust—on doing what I say I’ll do, and doing it the right way. This is the same way I am leading Intel.”

“I fully share the President’s commitment to advancing U.S. national and economic security, I appreciate his leadership to advance these priorities, and I’m proud to lead a company that is so central to these goals,” the CEO said.

Intel shares were up about 1% in premarket trading Friday, after sliding 3% yesterday, leaving them slightly negative for the year.