Taiwan Semiconductor Manufacturing Company (TSMC) announced on Tuesday that Chairman Dr. Mark Liu intends to retire in 2024, as he has chosen not to seek nomination for the TSMC board membership for the next term. The company stated that Liu will retire following the 2024 annual shareholders meeting. The board has proposed that Vice Chairman and CEO C.C. Wei succeeds Liu, pending shareholders' approval.
Liu, who joined TSMC in 1993, assumed the role of chairman after the retirement of founder Morris Chang in June 2018.
TSMC is renowned as the leading producer of the world's most advanced processors and manufactures semiconductors for prominent companies such as Apple and Nvidia, often based on architecture from chip design firm Arm. Notably, TSMC currently produces 3-nanometer chips and aims to commence mass production of 2-nanometer chips in 2025. The "nanometer" in semiconductors refers to the size of individual transistors on a chip, with smaller sizes generally yielding more powerful and efficient chips.
In October, TSMC reported a third-quarter profit of 211 billion Taiwan dollars ($6.69 billion), exceeding analyst expectations. Moreover, in September, TSMC approved an investment in Arm of up to $100 million, coinciding with the British firm's public offering.
