Morris Chang Steps Down as Taiwan Semiconductor CEO
Taiwan Semiconductor Manufacturing Co. (Taipei, Taiwan) announced that founder Morris Chang will step down from his position as CEO effective July 1, 2005. Chang, who will remain Chairman, proposed the appointment of COO Rick Tsai as the foundry's new CEO and President, and Deputy CEO F.C. Tseng as Vice Chairman. The board unanimously approved both resolutions.
"Dr. Chang believes that the structure of the top management team should be planned in advance and implemented in steps," said TSMC Vice President and CFO Lora Ho. "In line with that philosophy, he has contemplated TSMC’s future organization over the past few years. Recently, Dr. Chang felt that TSMC had already become a strong company, and the management had proven themselves ready to resume larger responsibilities for the future. Dr. Chang therefore proposed the changes and received the unanimous support of the board."