Rick Tsai, TSMC's president and chief operating officer, will assume the dual role of president and CEO, effective July 1. Tsai, who joined TSMC in 1989, is now widely considered the heir apparent to Chang at the foundry provider.

Chang, 73, who founded TSMC in 1987 and is widely considered the father of Taiwan's semiconductor industry, will remain chairman of the company. F.C. Tseng, TSMC's deputy chief executive, will also step aside but remain as vice chairman.

The moves were announced at a board meeting on Tuesday (May 10). The company also announced that neither Chang nor Tseng will participate in the company's employee profit sharing program once they assume their new posts.

Chang, according to TSMC, will continue to oversee the company's direction. But as president and CEO, Tsai will be responsible for TSMC's day-to-day business operations and strategy and its affiliated companies, reporting to Chang.

As vice chairman, Tseng will assist Chang and remain as chairman of TSMC's China subsidiary, Global UniChip Corp., along with the TSMC Education and Culture Foundation.

"Dr. Chang believes that the structure of the top management team should be planned in advance and implemented in steps," Lora Ho, TSMC's vice president and chief financial officer, said in a statement. "In line with that philosophy, he has contemplated TSMC's future organization over the past few years.

"Recently, Dr. Chang felt that TSMC had already become a strong company, and the management had proven themselves ready to resume larger responsibilities for the future. Dr. Chang therefore proposed the changes and received the unanimous support of the board," Ho said.

By: DocMemory
Copyright © 2023 CST, Inc. All Rights Reserved