SMIC Says Vice-Chairman Chiang Shang-Yi Has Resigned Months After Chairman’s Exit

SMIC's chairman, Zhou Zixue, also resigned two months ago citing health reasons.

By Reuters | Updated: 12 November 2021 11:18 IST

SMIC Says Vice-Chairman Chiang Shang-Yi Has Resigned Months After Chairman’s Exit

SMIC, China's largest contract chipmaker which is partly backed by a state-affiliated chip fund

Highlights

Chiang, a former research director at TSMC, joined SMIC in late December
Besides Chiang, three other members also resigned from the board
SMIC third-quarter profit rose 22.6 percent

China's largest chipmaker, Semiconductor Manufacturing International Corporation, said its vice-chairman has resigned in a leadership reshuffle less than a year after he took the role.

Chiang, a former research director at Taiwan's TSMC, joined SMIC in late December. The company said he had resigned from his vice-chairman position as well as from the board with effect from Thursday in order to spend more time with his family.

His departure comes just two months after SMIC's chairman, Zhou Zixue, also resigned citing health reasons.

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Besides Chiang, three other members also resigned from the board, including co-chief executive officer Liang Mong Song who had threatened to quit in December last year. He would remain in his executive role, SMIC said.

The resignations were not due to any disagreements with the board and the company did not expect the moves to have a material impact on its operations, it said.

SMIC, China's largest contract chipmaker which is partly backed by a state-affiliated chip fund, is at the forefront of China's charge to catch up with Japan, South Korea, and the United States in chip technology.

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The company is on a US blacklist that denies it advanced manufacturing equipment from US suppliers due to its alleged ties to China's military, claims SMIC rejects.

The measures disrupted the company's plans to move into high-end chip making, but its financial performance has been strong as a global chip shortage has boosted demand.

Its third-quarter profit rose 22.6 percent.

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© Thomson Reuters 2021

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