Nov. 13 (Bloomberg) -- Morris Chang stepped down as chief executive officer of Taiwan Semiconductor Manufacturing Co. after the board of the world’s largest contract maker of chips approved a succession plan.
Mark Liu and Wei Che-Chia were named co-presidents and co-CEOs, in line with the plan, the company said in an e-mailed statement yesterday. The two report to Chang, 82, who remains chairman.
The leadership change, effective yesterday, comes after the company last month reported its slowest profit growth in six quarters and forecast a drop in revenue as demand for some smartphones weakens. The chipmaker fell 0.5 percent to NT$104.50 as of 10:20 a.m. in Taipei trading. The shares have gained 7.7 percent this year, compared with a 5.8 percent jump for the benchmark Taiex index.
Chang, speaking at an investor conference in Taipei last month, said he would have a hands-on role in the company as chairman.
TSMC last year promoted Chiang Shang-yi, Liu and Wei as co-chief operating officers. The three executives were to 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. Chiang retired last month.
TSMC yesterday also raised the mandatory retirement age to 67 from 65, Sun said.
To contact the reporter on this story: Chinmei Sung in Taipei at firstname.lastname@example.org