Business

SMIC CEO Resigns

Semiconductor Manufacturing International Corporation, one of the largest semiconductor foundries in mainland China, has announced that its CEO, Dr. Richard Chang, has resigned to pursue other personal interests.

Meanwhile, Dr. David N.K. Wang has been appointed new executive director of the board and president and CEO of SMIC, effective immediately.

Chang has commanded SMIC for nine years since the founding of the company in 2000, but he departs when the company is suffering both internal and external difficulties. Starting from the second quarter of 2007, SMIC has made losses in ten consecutive quarters.

In addition, the company recently was found guilty of theft of trade secrets from Taiwan Semiconductor Manufacturing Company Limited by the Superior Court of California, County of Alameda, the U.S. Though TSMC did not provide the specific amount of its claim, SMIC may face a compensation payment of USD1 billion.

Wang has extensive experience in the global semiconductor industry. He was CEO of Huahong (Group) Company Ltd. and chairman of Huahong NEC, a subsidiary of Huahong Group between September 2005 and June 2007. Prior to joining Huahong Group, Wang was executive vice president of Applied Materials and president of Applied Materials Asia.

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