Semiconductor Manufacturing International Corp. (SMIC) Chairman Zhou Zixue resigns as the Chairman of the chipmaking company, citing health reasons amidst expansion of the company.
Zhou, however, will continue to serve as the executive director, says the SMIC’s filing on Friday.
Gao Yonggang, the Chief Financial Officer, has taken over the additional role of acting chairman. He has been with the Shanghai and Hong Kong listed company since 2009.
65-year old Zhou had served as chief economist of China’s Ministry of Industry and IT before being appointed as SMIC chairman in March 2015. Under this leadership, SMIC’s net profit tripled from 2015 to reach to $716 million in 2020. Last July, the company launched a mega IPO on Shanghai’s NASDAQ-style STAR market.
At the onslaught of US sanctions amid rising China-US trade tensions, SMIC underwent major changes in the top leadership. While the then-Vice President of R&D, Wu Jingang resigned from his role last July, SMIC hired industry veteran Chiang Shang-yi as its vice chairman in December 2020.
