U.S. President Donald Trump called for the immediate resignation of new Intel CEO, Tan Lip-Bu, over his ties to Chinese firms. Tan however says he has the full backing of the company’s board.
00:00In other news, U.S. President Donald Trump has called for the immediate resignation of new Intel CEO Tan Libu over his ties to Chinese firms.
00:09In response, Tan says he has the full backing of the company's board and has reached out to the White House for clarification.
00:19In the letter to staff posted on Intel's website, Tan said he had contacted the White House to clear out what he described as misinformation about his track record.
00:28He added that he shared Trump's commitment to advancing U.S. national and economic security.
00:34Trump's comments followed a letter from Republican Senator Tom Cotton to Intel's board chair, raising concerns about Tan's connections to Chinese firms, as well as a recent criminal case involving his former firm, Cadence Design.
00:46It marks a rare instance of a U.S. president publicly calling for a CEO's ouster and has sparked debate among investors, with Intel's shares closing down 3% on Thursday.
00:57Reuters reported in April that Tan had invested at least US$200 million in Chinese advanced manufacturing and chip companies, some with links to China's military.
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