Taiwan Semiconductor Manufacturing Company Limited has approved plans to appoint Mark Liu and C.C. Wei as new presidents and co-CEOs of the company.

An email statement sent by TSMC to media reportedly said that Liu and Wei will share the titles of president and CEO, effective immediately. They will both report to Morris Chang, former CEO of TSMC. Though having stepped down from the CEO position, 82-year-old Chang will stay as chairman of the company. Chiang retired from the company in October 2013.

In 2012, Liu and Wei were promoted as co-COO along with Chiang Shang-yi, leading the company's research and development, business development and operating unit in turn. All three were rumored to be eligible to take on the open CEO position.

The executive changes were made shortly after TSMC's announcement of the smallest quarterly profit growth over the past six financial quarters. The company also said that due to the decline of demand for smartphones, its operating revenue is expected to decrease in the fourth quarter of 2013.

During an investor meeting held in October 2013, Chang said as chairman he will participate in the corporate affairs of the business.