Chang is one of the leading semiconductor executives active today, but at age 86 his retirement has been expected.

In a statement issued by TSMC Chang said: “I will not be a director in the next term of the board of directors. Nor will I participate in any TSMC management activities after the annual shareholders meeting in early June, 2018. From early June, 2018 on, TSMC will be under the dual leadership of Dr. Mark Liu and Dr. C.C. Wei. Dr. Mark Liu will be the chairman of the board, and Dr. C.C. Wei will be the chief executive officer. All present directors of the board have agreed to be nominated, and if elected, serve as directors of the board during the next term. They have also agreed to support the afore-mentioned dual leadership of the Company under Drs. Liu and Wei.”

Chang founded TSMC in 1987 as the second phase of career that had included obtaining degrees from Massachusetts Institute of Technology and Stanford University and then 25 years at Texas Instruments where he started in 1958.

TSMC was founded with support from Philips Semiconductors and the Taiwanese government but grew rapidly under Chang’s stewardship to become the pioneer and leading exponent of pure-play foundry service and its market capitalization exceeded that of Intel Corp.’s for the first time in March 2017.

Chang, who had been chairman and CEO since its formation, tried to step away from the company in 2005 when he relinquished the CEO position to Rick Tsai.

Next: Stepping back

Tsai was seen as the heir apparent to Chang but some technical issues and a drop in business prompted by the global economic downturn of 2008 led to Chang re-assuming control of the foundry giant in 2009.

In the statement Chang added: “The past 30-odd years, during which I founded and devoted myself to TSMC, have been an extraordinarily exciting and happy phase of my life. Now, I want to reserve my remaining years for myself and my family. Mark and CC have been Co-CEO’s of the Company since 2013, and have performed outstandingly. After my retirement, with the continued supervision and support of an essentially unchanged board, and under the dual leadership of Mark and CC, I am confident that TSMC will continue to perform exceptionally.”

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