Taiwan Semiconductor's Chairman Mark Liu to Step Down After Steering Chip Giant Through Substantial Growth, Expansion

Mark Liu, Chairman of Taiwan Semiconductor Manufacturing Company Ltd TSM, is set to retire next year. 

He guided the world's largest chipmaker through the challenges of rising China-U.S. tensions and led the company into a phase of robust overseas expansions in Germany, Japan, and the U.S. 

Having been with the company since 1993, Liu assumed the role of chairman following the retirement of founder Morris Chang in June 2018.

He "has decided not to seek the nomination of TSMC board membership for the next term and will retire from the company after the 2024 Annual Shareholders Meeting," TSMC said in a statement on Tuesday. The meeting is scheduled for June 2024.  

Taiwan Semiconductor's chief executive officer C.C.Wei, has been proposed to serve as the next chairman by the board's nomination committee, the statement said. 

Citing IDC data, Nikkei Asia notes that TSMC is the world's largest contract chipmaker, with a global market share of over 55%.

Bloomberg reports that the restructuring signifies Wei's ascent as one of the most pivotal figures in the technology realm. 

He is poised to lead the primary chipmaking partner for both Apple Inc. AAPL and Nvidia Corp. NVDA, all the while managing requests for manufacturing investments from governments across the globe.

Since 2018, TSMC has experienced an approximate threefold surge in its market value, propelling it to the position of Asia's most valuable company. 

Wei assumed the role of co-CEO alongside Liu in 2013. By 2022, he emerged as Taiwan's top-paid CEO within the main stock index, amassing NT$353.4 million ($11.3 million) in salary and bonuses, per Bloomberg's compiled data.

Price Action: TSM shares are down 0.19% at $102.73 during the premarket session on the last check Tuesday.

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