The ITE chip is just the legacy I/O and monitoring chip. I doubt it's getting hot itself.
Chances are the temperature you are referring to is a sensor connected to that chip, probably placed near the chipset or VRMs, and not the ITE chip itself.
...rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I do not add 'within the limits of the law,' because law is often but the tyrant's will, and always so when it violates the right of an individual. -- Thomas Jefferson