Sept. 27 (Bloomberg) -- Chiang Shang-yi, an executive vice president at Taiwan Semiconductor Manufacturing Co. and one of three candidates shortlisted to succeed Chief Executive Officer Morris Chang, will retire on Oct. 31, the company said.
Chang, 82, will run the research and development division, currently led by the 67-year-old Chiang, the world’s biggest contract manufacturer of chips said in a statement to Taiwan’s stock exchange today. Chang said in July he would give up the CEO’s role next year and remain as chairman.
TSMC, which in August posted record-high revenue of NT$55.1 billion ($1.86 billion), in 2012 promoted Chiang, Liu De-Yin and Wei Che-Chia as co-chief operating officers. The three executives would be groomed for the CEO’s position by taking turns heading the research and development, business development, and the operations divisions in six-month stints, the Hsinchu, Taiwan based company said at the time.
“The two other co-chief operating officers are still candidates for succession,” Elizabeth Sun, a company spokeswoman, said by phone, adding that only Chang could answer succession questions.
Chang said last year he may appoint more than one CEO and declined to elaborate on succession plans in July.
Net income in the three months ended in June rose 24 percent from a year earlier to NT$51.8 billion beating analyst estimates. Qualcomm Inc., Texas Instruments Inc., and MediaTek Inc. are among the company’s customers, according to data compiled by Bloomberg.
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