TSMC’s chairman Morris Chang officially retired from TSMC today. The dual-president system for TSMC's top executives officially debuted. Morris’ two successors were Liu Deyin and Wei Zhejia.
TSMC held a shareholder meeting today and re-elected the board of directors and supervisors. This is the last time Morris Chang presides over the shareholder meeting. Since Morris Chang insists on retirement, he will “not renew the board of directors, will not accept consultants, and will not serve as honorary chairman”. According to the plan, the current general manager will share Executive Director Liu Deyin took over the chairmanship as the top decision-making representative of the company; another general manager and co-chief executive Wei Zhejia took over as president and must report to the chairman of the board and the board of directors; Liu Deyin and Wei Zhejia shared the leadership model and were called by the outside world, the "Dual President system."
The biggest challenge for TSMC in the past was the breakthrough of process technology. In the future, besides the difficulty of technological evolution, it will also face more challenges. Take this trade dispute between China and the United States as an example. Although TSMC is not the first to bear the brunt of it, the United States is currently the largest market for TSMC, and mainland China is the most promising market for TSMC in the future. Friction between U.S.-China trade is frequent and TSMC is hard to avoid being affected. The variables of these atypical economic factors are all major challenges faced by the "dual-president system."
TSMC has many customers in mainland China, of which the top five customers include China’s Huawei Hi-silicon and Bitmain. All along, Morris is synonymous with TSMC. Morris has chosen to retire at the moment, after his retirement, TSMC continues to be challenged and scrambled by Samsung for its advanced manufacturing process, in the low-end market TSMC is facing SMIC’s competition, it seems it is not easy to maintain its current glory.