Taiwan Semiconductor Manufacturing Co. world’s largest producer of made-to-order microchips chairman and founder Morris Chang will retire in June next year, as per the reports by Bloomberg. Two chief executives of the company will be taking over after him.
86-year-old Morris’ place will be taken over by Mark Liu, as chairman of the company who will be then responsible for all strategic decisions and business directions. C.C. Wei will become chief executive officer, orchestrating operations but taking his cues from the board, Chang told Bloomberg.
When Chang stepped down as CEO in 2013, Mark and Wei took over as the chief executive officers of TSMC. TSMC entertains world’s leading corporations such as- Qualcomm Inc. and Apple Inc.
The soul reason behind Chang’s retirement is his age, which is why he will nowhere be involved in the operations of the company.
“I came to my decision to retire gradually. Of course it had something to do with my age. As for when, I made that decision at the beginning of this year,” said Chang.
Founded in 1987, TSMC competes with global leaders in chip making- Intel Corp. and Samsung Electronics Co. and is around 30 times larger than its local rival -United Microelectronics Corp.
“When we started, we were creating a new business model. People only recognized how disruptive a business model it was more than a decade later,” Chang said. “When we started out in 1987, no one thought Taiwan could be anything in the semiconductor sector. Now Taiwan is the center of the semiconductor sector.”
“The past 30-odd years, during which I founded and devoted myself to TSMC, have been an extraordinarily exciting and happy phase of my life,” Chang said in Monday’s statement. “Now, I want to reserve my remaining years for myself and my family.”
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