(Bloomberg) -- Taiwan Semiconductor Manufacturing Company Chairman Mark Liu plans to retire in 2024 and cede his role to Chief Executive Officer C.C. Wei, handing the reins of the world’s most important chipmaker to a fellow engineering maven.
The reshuffle means Wei is set to become one of the most influential executives in technology, steering Apple Inc.’s and Nvidia Corporation’s main chipmaking partner while fielding requests for manufacturing investment from governments around the world. The transfer, which requires shareholder approval, should take place sometime next year, the company said in a statement.
Liu has been the public face of TSMC since taking over as chair from founder Morris Chang in 2018, a strong advocate for global expansion at a time of growing tensions with China. During his tenure, the Taiwanese firm initiated plans to invest billions of dollars in new plants from the US to Japan, and is in talks to explore similar projects in Europe and elsewhere. The outgoing chairman, a computer science and engineering PhD who joined TSMC in 1993, is a regular on the conference circuit.
Wei, in contrast, has adopted a lower profile though the CEO is considered a main conduit to investors and customers. He speaks on quarterly earnings conference calls and, like Liu, has an engineering doctorate.
Both executives led TSMC through a years-long global chip shortage that helped cement its critical role in the tech industry. In 2021, when Covid-era demand stretched supplies for the semiconductors used in smartphones and automobiles, industry CEOs and heads of state alike reached out to the Taiwanese chipmaker for help in alleviating shortages.