Intel CEO Lip-Bu Tan is set to visit the White House on Monday after President Trump called for his removal last week, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
Intel CEO Lip-Bu Tan is set to visit the White House on Monday after U.S. President Donald Trump called for his removal last week, the Wall Street Journal reported on Sunday, citing people familiar with the matter.
Lip-Bu Tan is set to meet with the president, who last week called for Tan's removal.
Intel is working with the Trump administration to address the issues being raised, the new CEO said.
When Lip-Bu Tan was brought in to revive Intel Corp. back in March, he had at least one thing working in his favor: A presidential administration seemingly determined to support the last bastion of leading-edge U.S. chip making.
Recently, Zacks.com users have been paying close attention to Intel (INTC). This makes it worthwhile to examine what the stock has in store.
Lip-Bu Tan's venture-capital firm has supported some of the biggest names in China's chip industry. With U.S.-China tensions running high, those investments no longer look so benign.
U.S. President Donald Trump demanded on Thursday that Intel's Lip-Bu Tan resign immediately, saying that the company's new CEO was "highly conflicted" due to his ties to Chinese firms.
Shares of Intel dropped more than 3% Thursday after President Donald Trump demanded the immediate resignation of the chipmaker's CEO.
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.
The tensions center on whether Intel should remain in the costly business of manufacturing its own chips, according to the Wall Street Journal.
The market landscape seems rocky and challenging for investors, considering Intel Corporation NASDAQ: INTC. The stock is trading near the low end of its 52-week range, with an analyst consensus rating of Reduce.