Both New Posts Become Effective July 1, 2005 Hsinchu, Taiwan, R.O.C. – May 10, 2005
– TSMC (TSE: 2330, NYSE: TSM) today held a board meeting, at which Dr. Morris Chang, TSMC Chairman and CEO, proposed, effective as of July 1, 2005, the appointment of both Dr. Rick Tsai as TSMC’s Chief Executive Officer and the election of Dr. F.C. Tseng as Vice Chairman. The board unanimously approved both resolutions. Starting July 1, 2005, Dr. Tsai will assume the position of President and CEO, and will no longer be Chief Operating Officer. Dr. Tseng will serve as Vice Chairman of the Board, and will no longer be Deputy Chief Executive Officer.
“Dr. Chang believes that the structure of the top management team should be planned in advance and implemented in steps. In line with that philosophy, he has contemplated TSMC’s future organization over the past few years. Recently, Dr. Chang felt that TSMC had already become a strong company, and the management had proven themselves ready to resume larger responsibilities for the future. Dr. Chang therefore proposed the changes and received the unanimous support of the Board,” said Ms. Lora Ho, TSMC vice president, chief financial officer and spokesperson.
“Effective July 1, 2005, Dr. Morris Chang will continue to dedicate his full time and efforts to being the Chairman of TSMC. As the President and CEO, Dr. Tsai will be responsible for the business and strategy of TSMC and its affiliated companies, and will report directly to Dr. Chang. As Vice Chairman, Dr. Tseng will fully assist Dr. Chang and remain as Chairman of TSMC (Shanghai), Global UniChip Corp., and the TSMC Education and Culture Foundation. It was also announced that neither Dr. Chang nor Dr. Tseng will participate in the company’s employee profit sharing once they assume their new posts,” Ms. Ho continued.
Citing Dr. Morris Chang’s remarks, Ms. Ho added that, “Dr. F.C. Tseng has been a key member in our management team since TSMC’s establishment. He has contributed significantly to the company’s success in a variety of operations and executive positons. Fifteen year ago, Dr. Tseng recruited Dr. Tsai into TSMC from the United States. Dr. Tsai, with his outstanding talents and experiences, is going to be an outstanding CEO for TSMC.”