TSMC Chairman Mark Liu to Retire in 2024, Successor Named
The Taiwan Semiconductor Manufacturing Company (TSMC) has announced that Chairman Mark Liu will retire in 2024, according to a statement released by the company on Tuesday. Liu, who joined TSMC in 1993, took over as chairman following the retirement of founder Morris Chang in June 2018.
“Chairman Dr. Mark Liu has decided not to seek the nomination of TSMC board membership for the next term and will retire from the company after the 2024 annual shareholders meeting,” the statement read.
The board has confirmed that vice chairman and CEO C.C. Wei will succeed Liu’s role, pending approval from the shareholders.
TSMC is the world’s leading producer of advanced processors and manufactures semiconductors for companies such as Apple and Nvidia, often based on architecture from chip design firm Arm. The company is currently producing 3-nanometer chips and plans to initiate mass production of 2-nanometer chips in 2025. The “nanometer” refers to the size of individual transistors on a chip, with smaller sizes typically resulting in more powerful and efficient chips.
Despite the ongoing global chip shortage, TSMC reported a third-quarter profit of 211 billion Taiwan dollars ($6.69 billion) in October, exceeding analyst expectations. Additionally, in September, TSMC approved an investment in Arm of up to $100 million as the British firm went public.
Liu’s impending retirement marks a significant leadership change for TSMC as it continues to play a crucial role in the semiconductor industry. The company will now look to Wei as its new chairman to steer it through the dynamic and competitive landscape of the global chip market.