TAIPEI (TVBS News) — The Taiwan Semiconductor Manufacturing Company (TSMC) announced on Tuesday (Dec. 19) that its board of directors plans to nominate current chief executive officer C.C. Wei as the next chairman in the June 2024 board election.
Earlier that day, current chairman Mark Liu stated that he would not seek re-nomination and plans to retire following next year's shareholder meeting.
Since joining TSMC in 1993, Liu ascended to the chairmanship in June 2018, after the retirement of company founder Morris Chang, serving nearly five and a half years.
Liu expressed his desire to continue making a difference in the semiconductor industry using his decades of experience while also spending more time with his family.
"Now, I wish to step back without disconnecting, to give back in a different way, and to start a new chapter of life," Liu shared.
He emphasized his commitment to contributing to TSMC's governance until his last day in office and said, "I am fully confident that TSMC will continue to perform exceptionally well into the foreseeable future."
Liu also thanked his talented colleagues for their efforts in establishing TSMC as a benchmark in the industry. "To have succeeded the legendary founder as chairman of TSMC was an immense honor," he added.
The semiconductor industry and institutional investors have varied opinions on Liu's retirement, but there is a consensus that TSMC's stable corporate governance is unlikely to be affected in terms of operations and stock performance.