Morris Chang has reiterated plans to step down as TSMC’s CEO by mid-2014, but remain a “hands-on” chairman

October 19, 2013 Leave a comment

Morris Chang to relinquish role as TSMC CEO by June 2014

Josephine Lien, Taipei; Jessie Shen, DIGITIMES [Thursday 17 October 2013]

Morris Chang has reiterated plans to step down as TSMC’s CEO by mid-2014, but remain a “hands-on” chairman. Chang added that a new CEO or co-CEOs will succeed him by June, without elaborating further. Market watchers generally identify the current TSMC COOs – Mark Liu and CC Wei – as potential CEO candidates. TSMC in March 2012 appointed three co-COOs. The appointment is “to nurture future ‘co-CEOs’,” Chang said previously. Two candidates are left in the CEO race after the retirement of Shang-yi Chiang. Chang’s most-recent remarks about TSMC’s CEO succession plans were made during the company’s investors meeting on October 17. TSMC reported record net profits and revenues for the third quarter of 2013, but warned of weaker sales in the fourth quarter. Nonetheless, TSMC forecast its sales for all of 2013 will register 17-18% growth, and sales for 2014 will log another double-digit increase. In addition, TSMC’s capex for 2014 will stay high at about US$10 billion, according to Chang. TSMC’s 2013 capex is estimated at US$9.7 billion.

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