SMIC shares plunge after co-CEO quits
MIFFED? Liang Mong-song resigned after the Chinese chipmaker appointed former TSMC executive Chiang Shang-yi as vice chairman without consulting him, reports said
Bloomberg
Semiconductor Manufacturing International Corp (SMIC, 中芯國際) shares plunged almost 10 percent after news emerged about the surprise resignation of a top executive who spearheaded the rapid technological ascent of China’s largest chipmaker.
SMIC is trying to reach co-CEO Liang Mong-song (梁孟松) after online media circulated a resignation letter they said originated with the industry veteran.
Liang quit after SMIC appointed a vice chairman without consulting him, reports said.
People walk in front of the gate of Semiconductor Manufacturing International Corp factory in Shanghai on Sept. 7.
SMIC verifying reports of co-CEO s intention to quit thestandard.com.hk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thestandard.com.hk Daily Mail and Mail on Sunday newspapers.
SMIC in turmoil as TSMC legend reportedly elevated beyond non-exec role Share
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China’s largest chipmaker, Semiconductor Manufacturing International Corporation (SMIC), has advised investors that its co-CEO has “possibly” resigned.
SMIC today halted trading on the Hong Kong Stock Exchange and then issued an announcement [PDF] in which the company s board noted certain media reported that the executive director and co-chief executive officer of the Company, Dr Liang Mong Song proposes to resign from his positions and the Company has become aware of Dr Liang s intention of conditional resignation.
It is a board s job to be well and truly in the loop when CEOs bail, so a document notifying investors of a possible resignation is extraordinary. Which begs the question: why is Dr Liang possibly resigning?