TSMC founder Morris Chang to retire next June

Taipei

TAIWAN Semiconductor Manufacturing Co chairman and founder Morris Chang will retire in June next year, handing the helm of the world's largest producer of made-to-order microchips to the company's two co-chief executives.

Breaking with tradition, Mr Chang used his retirement announcement to issue a 2017 revenue forecast that surpassed analysts' estimates. TSMC's sales growth should be close to 10 per cent this year in US dollar terms, he said, a pace that surpasses the roughly 4 per cent projected.