Taiwan Semiconductor Manufacturing Company (TSMC) chair Mark Liu (pictured left) will retire after its annual shareholders’ meeting in June 2024, with CEO and vice chair C.C. Wei (on right) expected to replace him.

Liu joined the chipmaker in 1993 and became chairman in 2018 when founder Morris Chang retired. Under his leadership, the company’s revenue more than doubled to TWD2.3 trillion ($72.1 billion) in 2022, while its net profit soared from TWD351.2 billion in 2018 to TWD1 trillion.

In a statement, Liu said the past 30 years with TSMC has been “an extraordinary journey”. The chair added he now wants to give his “decades of semiconductor experience to other use, spend more time with my family and start the next chapter of my life”.

He will continue to oversee the board’s corporate governance until the last day of this term. 

Wei’s appointment as chair is subject to the election of the incoming board next June. He started at TSMC in 1998 and has been CEO since June 2018.

TSMC dominates in the global foundry market with a 57.9 per cent share in Q3, data from TrendForce showed.

It is scheduled to start producing chips for customers, including Apple, using the most advanced 2nm process technology in 2025.