Taiwan Semiconductor Manufacturing Co. founder and Chairman Morris Chang will retire next June, handing the helm of the world's largest producer of made-to-order microchips to the company's two co-chief executives.
Breaking with tradition, Chang used his retirement announcement to issue a 2017 revenue forecast that surpassed analysts' estimates. TSMC's sales growth should be close to 10 percent this year in dollar terms, he said, a pace that surpasses the roughly 4 percent projected.
Mark Liu will succeed the 86-year-old Chang as chairman, and will have the final say in all business decisions and strategic direction. C.C. Wei will become chief executive officer, orchestrating operations but taking his cues from the board, Chang told reporters at a news conference Monday.