LONDON – Chinese foundry Semiconductor Manufacturing International Corp. has announced that Wenyi Zhang has been appointed chairman of the board of directors and acting CEO. In addition, trading in shares in the company, listed on the Hong Kong and New York stock exchanges has resumed.
Trading in shares in SMIC (Shanghai, China) ceased at the company's request on June 30, after SMIC reported the death of its chairman and that the company's president and CEO David Wang had failed to win re-election to its board of directors. Jiang Shang Zhou, who was non-executive chairman of the company's board, passed away on June 27.
As part of the changes Wang has resigned as CEO with effect from July 13 and Zhang is taking over as acting CEO with effect from July 15. SMIC said it would continue to seek a candidate to fill the role of chief executive officer.
In addition, SMIC said that the departure of almost 100 middle managers in the past nine months had occurred as part of the normal course of business. SMIC has about 11,000 employees and 1,000 middle managers, the company said.