Intel's president responds to accusations and resignation calls, but not straight to Trump

imagazine.pl 2 days ago

The day after president Donald Trump publically called on the president of Intel, Lip-Bu Tan, to resign in connection with allegations of his ties to China, the chief technological giant spoke.

In an open letter to Tan's staff, he replied to the allegations, calling them "disinformation" and made it clear that he had no intention of stepping down.

How We reported yesterday on iMagazineThe hot atmosphere around the CEO of Intel has been increasing for months. The bitterness spelled out that his erstwhile company, Cadence plan Systems, admitted to selling products for chip plan to a Chinese military university.

Hot chair in Intel. The White home and Donald Trump are targeting president Lip-Bu Tan

Furthermore, an earlier investigation by the agency Reuters showed that Tan was to invest in hundreds of Chinese technology companies, including at least 8 associated with the People's Liberation Army. These reports prompted 2 Republican Senators to challenge Tan's competence, and president Trump's call only sparked the situation.

In consequence to the crisis, Lip-Bu Tan sent a letter to all Intel employees, which was later published on the company's website. He powerfully repels the attacks and stresses his attachment to the United States. "The United States has been my home for over 40 years. I love this country and I am profoundly grateful for the opportunities it has given me," the president wrote. Referring straight to the allegations, he stated: "I want to make it clear: I have always acted in accordance with the highest legal and ethical standards."

Despite the expanding pressure, both inside and outside the company, Intel's board of directors has been behind its president for the time being. Tan himself reported that the company has active talks with the White home administration to explain any doubts. "We engage in talks with the administration to address the issues raised and make certain that they have facts," says the letter. The president besides stressed that he full shared the President's commitment to ensuring the national and economical safety of the US.

The stock exchange's reaction to these turbulences was nervous. After a Thursday drop of 3%, Intel's shares on Friday spent most of the day losing another 1% to yet bounce back at the end of the session and close on a plus 0.9%. Nevertheless, their value remains inactive 23% lower than the summit, which they achieved just after the announcement of Tan's nomination for the CEO position. The situation remains tense, and its further improvement depends on the effects of talks on the Intel-White home line.

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