SMIC founder and CEO Richard Chang resigns

NEWCOMER David Wang of Solar Fun Power Holdings will replace Chang, who is leaving to pursue other interests, the company said in a statement yesterday

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A Christian, Chang has built a church, school and apartment blocks for employees on the company’s property. His resignation marks the end of his plans to turn the company into a challenger to TSMC, and is a setback for China’s vision of creating a world leader in the chip industry.

ADDITIONAL REPORTING BY LISA WANG