Stefan Mileschin

Replacing Morris Chang with two heads

TSMC has announced Mark Liu (right), currently co-CEO and president of the pure-play foundry, has been promoted to chairman effective immediately. CC Wei (left), the other co-CEO and president of TSMC, has been named as CEO and vice chairman of TSMC.

Liu has been a Co-Chief Executive Officer and Co-President since November 12, 2013 and as its Additional Director since June 8, 2017.

Wei joined TSMC in 1998 and currently serves as President and Co-Chief Executive Officer. Prior to his recent appointment, Wei was TSMC's Co-Chief Operating Officer from March 2012 to November 2013. From 2009 to 2012, he was TSMC’s Senior Vice President of Business Development.

Morris Chang (centre) in October 2017 disclosed plans to retire immediately after TSMC's annual shareholders meeting in June 2018. Chang predicted the move in October saying that TSMC would be under the dual leadership of Liu and Wei after he cleaned out his desk. He favours dividing the CEO role although it did not work very well for Blackberry.

The pair will have their hands full as TSMC grapples with a slowdown in a smartphone market that has powered growth over the past decade.

Although TSMC is still likely to generate record revenue and profit for 2018, it cut its full-year revenue growth target to about 10 percent, from up to 15 percent, in U.S. dollar terms in April. It cited lackluster demand for premium phones, widely recognised to refer to iPhones.

https://fudzilla.com/news/46459-tsmc...of-liu-and-wei