Intel CEO responds after Trump calls for resignation

Intel (INTC) CEO Lip-Bu Tan responded to President Trump’s public call for his resignation late Thursday, calling reports about his career “misinformation.” In a letter to staff, he said the company was engaging with the Trump administration.

“There has been a lot of misinformation circulating about my past roles … 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,” Tan wrote.

Early Thursday, President Trump wrote on Truth Social, the social media platform he owns, “The CEO of INTEL is highly CONFLICTED and must resign, immediately.”

“There is no other solution to this problem,” he continued. “Thank you for your attention to this problem!”

Tan was named Intel’s CEO back in March, taking over from Pat Gelsinger’s tumultuous tenure that saw the company’s stock plummet and the chipmaker fall behind in the AI race. Investors cheered Tan’s appointment, with the stock rising as much as 15% after the news, and Wall Street analysts, as well as current and former executives and employees, saw Tan as the best possibility to succeed in turning around the troubled company.

Intel stock rose Friday after losing over 3% Thursday in the aftermath of Trump’s post.

Intel issued a statement following Trump’s comments, emphasizing its commitment to “advancing US national and economic security interests” and to making investments “aligned with the President’s America First agenda,” including domestic semiconductor manufacturing. “We look forward to our continued engagement with the Administration,” the statement concludes.

In April, a Reuters report detailed Tan’s wide-ranging investments in Chinese companies made through his VC firm, Walden International. The outlet found that the firm “remains invested in 20 funds and companies alongside Chinese government funds or state-owned enterprises, according to Chinese corporate databases.”

Tan has served on boards and in various executive roles at 14 firms in the semiconductor space, most notably including his tenure as CEO of Cadence Design Systems, a chip design software company.

Trump’s post came a day after one of his top Senate allies, Republican Tom Cotton, wrote a letter to Intel’s board chair questioning Tan’s China ties.

“Intel is required to be a responsible steward of American taxpayer dollars and to comply with applicable security regulations,” Cotton wrote, pointing to Intel’s nearly $8 billion grant from the CHIPS Act. “Mr. Tan’s associations raise questions about Intel’s ability to fulfill these obligations.”