Mark Liu, the chairman of Taiwan Semiconductor Manufacturing Company (TSMC), is set to retire after the Annual Shareholders Meeting in 2024, according to Tuesday's announcement from TSMC.
TSMC, a crucial player in the global semiconductor industry, leads over half of the world's microchip production, making it a linchpin in the supply chain for various industries, including smartphones, automobiles, and defense systems.
Mark Liu, Executive Chairman of the Taiwan Semiconductor Manufacturing Company (TSMC), attends the Semicon Taiwan 2023 at Nangang Exhibition Center in Taipei on September 6, 2023.
Tenure of Mark Liu at TSMC
Mark Liu assumed the role of chairman in 2018, succeeding the company's founder, Morris Chang. Focusing on critical aspects such as technology leadership, digital excellence, and global competitiveness has marked Liu's tenure at TSMC.
He has played a pivotal role in steering the company through the rapidly evolving landscape of semiconductor technology. In a statement issued by TSMC, Liu expressed gratitude for the 30-year journey with the company.
He acknowledged the contributions of the team at TSMC, attributing their efforts to the company's current standing as a global leader in the semiconductor industry.
Liu considered it a privilege to serve as chairman, following in Chang's footsteps. During his leadership, Liu emphasized TSMC's commitment to its mission and worked on enhancing corporate governance.
The announcement about his retirement signals a transition for TSMC, a company that has been instrumental in driving technological advancements through its cutting-edge semiconductor manufacturing processes.
The Next Chairman of Taiwan Semiconductor Manufacturing Company
In the wake of Mark Liu's retirement, TSMC's Nominating, Corporate Governance, and Sustainability Committee have recommended Dr. C.C. Wei, TSMC's current vice chairman, to succeed as the next chairman, subject to the election of the incoming board in June 2024.
Liu's decision to retire is framed as a personal choice to redirect his decades of semiconductor experience and expertise to new endeavors. He wanted to spend more time with his family as he embarked on the next chapter of his life.
Despite the impending retirement, Liu affirmed his commitment to overseeing corporate governance with diligence until the conclusion of his term.
The leadership transition at TSMC comes at a time when the semiconductor industry faces challenges and opportunities, including global supply chain disruptions, increased demand for advanced chips, and the ongoing technological evolution.
The company's ability to adapt to these dynamics will likely be a focal point as it navigates the post-Liu era.
"It has been a privilege to serve as Chairman after our legendary Founder Dr. Morris Chang for such a world-renowned enterprise. I now would like to give my decades of semiconductor experience to other use, spend more time with my family, and start the next chapter of my life," Liu said in the statement.
"I will continue to oversee the corporate governance with the Board diligently until the last day of this term. I am confident that TSMC will continue to perform outstandingly in the years to come," he added.
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