Chinese chipmaker says top executive, board members, quit

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SHANGHAI, Nov 12 (Businesshala) – China’s biggest chip maker, Semiconductor Manufacturing International Corp (0981.HK), said its vice president has resigned in a leadership reshuffle less than a year after taking over the role.

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Chiang, a former research director at Taiwan’s TSMC (2330.TW), joined SMIC in late December. The company said it had resigned from its vice-chairman as well as the board from Thursday to spend more time with his family.

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

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

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It said the resignations were not due to any disagreement with the board and the company did not expect the move to have any impact on its operations.

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

The company is on a US blacklist that denies advanced manufacturing equipment from US suppliers because of alleged links with China’s military, SMIC denied.

The measures stymied the company’s plans to manufacture high-end chips, but its financial performance has remained strong as global chip shortages fueled demand.

Its third-quarter profit rose 22.6%.

Reporting by Brenda Goh; Editing by Stephen Coates

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