CEO C.C. Wei Ascends to Dual Leadership Roles at TSMC

C.C. Wei, CEO of Taiwan Semiconductor Manufacturing Company, crucial supplier for tech giants Nvidia and Apple, has taken on the additional role of Chairman following Mark Liu’s departure. This marks the first time since founder Morris Chang that one individual holds both positions.

According to Nikkei Asia, Wei’s new role is part of a broader management reorganization aimed at grooming a successor for the CEO position. Liu, who joined TSMC in 1993 and became chair in 2018, resigned in December. Industry speculation suggests Liu’s departure was influenced by significant delays and cost overruns at a new factory in Arizona.

At TSMC’s annual shareholders’ meeting, where Wei’s appointment was confirmed, he reiterated an optimistic outlook for 2024. Wei projected a revenue increase of up to 30% year-on-year for Q2, driven by strong demand for AI processors, with full-year revenue growth anticipated between 20% and 25%. In October 2023, Wei acknowledged the higher initial costs of operating overseas fabrication facilities compared to domestic operations.

TSMC expects a robust recovery this year after a phase of reduced demand, which led to a 16.3% cut in 2023 capital expenditures, bringing it to $30.4 billion. The company’s Q4 net income fell by 19.3% to $7.4 billion, while revenue remained steady.

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