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Shares of Intel (NASDAQ:INTC) fell about 3% premarket on Thursday after President Donald Trump called for the resignation of the chipmaker’s new CEO Lip-Bu Tan.
“The CEO of INTEL is highly CONFLICTED and must resign, immediately. There is no other solution to this problem. Thank you for your attention to this problem!” said Trump in a post on Truth Social.
Trump’s remarks come on the heels of a letter sent by U.S. Republican Senator Tom Cotton to Intel’s board chair asking questions about Tan’s relations with Chinese companies and a recent criminal case involving his former company Cadence Design Systems (CDNS).
Intel did not immediately respond to a request for comment from Seeking Alpha.
Since his appointment, Tan has been carrying out changes to revamp the U.S. chipmaking company. Last month, Intel said it intends to cut 15% jobs and plans to end the year with a global headcount of around 75,000 as a part of sweeping restructuring under Tan.
On Wednesday, Trump said he plans to impose a 100% tariff on semiconductor imports, with an exemption for companies that manufacture or commit to manufacturing in the U.S.