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TAIPEI, Dec 19 (Reuters) – TSMC 2330.TW, the world’s largest contract chipmaker, said on Tuesday that its board had recommended that current CEO and Vice Chairman C.C. Wei succeed Mark Liu who will be retiring next year as chairman.

Company veteran Liu became Taiwan Semiconductor Manufacturing Co’s TSM.N chairman in 2018 after founder Morris Chang, who remains the senior statesman of Taiwan’s chip industry, retired.

Liu, who joined TSMC in 1993, said he would like to put his “decades of semiconductor experience to other use, spend more time with my family, and start the next chapter of my life”, according to a company statement.

“I am confident that TSMC will continue to perform outstandingly in the years to come.”

The TSMC board’s Nominating, Corporate Governance and Sustainability Committee recommended that Wei succeed Liu, subject to the election of the incoming board in June 2024.

Wei, who has a doctorate in electrical engineering from Yale University, has been on the company’s board since 2017 and joined TSMC in 1998.

TSMC is a major supplier to companies like Apple and Nvidia.

(Reporting by Ben Blanchard; Editing by Jacqueline Wong and Bernadette Baum)

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Original: AAPL Feed: TSMC to promote from within after chairman retires next year