Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the world’s biggest contract chipmaker, yesterday said the board had approved a top management reshuffle — the first step in the company’s effort to pick a successor to chief executive officer Morris Chang (張忠謀).
The board gave the go-ahead to promote vice presidents Chiang Shang-yi (蔣尚義), Mark Liu (劉德音) and C.C. Wei (魏哲家) to executive vice president — a new title — co-chief operating officers of TSMC, the company said in a statement.
Chang, aged 80, took over the post of CEO again in the summer of 2009, when the global economy and the semiconductor industry started to recover from the financial meltdown caused by the collapse of Lehman Brothers in 2008.
Before that, Rick Tsai (蔡力行) served as TSMC’s chief executive from 2005 to 2009.
“The arrangement meets my expectations. I cannot think of anyone capable of doing the job,” said Jonah Cheng (程正樺), a semiconductor analyst at UBS Securities.
Cheng did not expect the management shakeup to have an immediate impact on TSMC’s business, as market demand looks “okay.”
TSMC said in January that the global semiconductor industry would grow by 2 percent annually this year by revenue, but that TSMC would grow at a faster pace than last year when it posted record revenue of NT$427.08 billion.
Following these appointments, the three executive vice presidents, as well as the firm’s finance and legal divisions will report directly to Chang. The new organizational structure will take effect on Monday.
The stock price of TSMC dropped 0.12 percent to NT$80 yesterday.