Morris Chang, chairman of Taiwan Semiconductor Manufacturing Co., Ltd., announced that he will retire after the company's general meeting of shareholders in early June 2018 and no longer be director of the company or participate in daily management.

Liu Deyin will take over the chairman role by then; and Wei Zhejia will be appointed president of TSMC.

Chang said that it has been very exciting for him to establish TSMC and contribute to the company over the past 30 years. From now on, he wants to save his time for himself and his family.

Chang founded TSMC in 1987 and created the foundry model, when giants like Intel and Samsung designed their own chips and manufactured in their own wafer factories. By March 20, 2017, TSMC's market value exceeded Intel and became the world's largest semiconductor company.

In 2010, TSMC's annual operating revenue reached NTD419.54 billion, setting a new record. In recent years, TSMC reached an agreement with Apple to produce A10 processor used on iPhone 7 for the latter.