TSMC chairman Mark Liu will retire next year, with the board recommending that he is replaced by the company’s current CEO and vice chairman, C.C. Wei.

Liu joined the company in 1993 and has held the position of chairman since 2018, replacing the semiconductor manufacturer’s founder Morris Chang when he retired that same year. In a statement, Liu said he would continue to oversee the corporate governance with the board until his term ends in June 2024.

TSMC R&D Center, Fab 12B

“The past 30 years with TSMC has been an extraordinary journey for me,” Liu’s statement on TSMC’s website read. “I am confident that TSMC will continue to perform outstandingly in the years to come.”

TSMC produces some of the most advanced processors in the world, manufacturing semiconductors for companies like Apple, AMD, Broadcom, Qualcomm, and Nvidia.

The Taiwanese company started manufacturing 3nm chips at its Southern Taiwan Science Park (STSP), also known as Fab 18, in 2022 and is expected to start the mass production of 2nm chips in 2025.

The company has plants in five countries, and is currently building new fabrication plants in Germany, Japan, and the US state of Arizona. The plant in Germany, where TSMC has committed to investing €3.5 billion ($3.8bn) in building a Dresden factory, will be the company’s first European facility.