TSMC CEO stepping down by June 2014

Morris Chang, 82, says he will step down as TSMC's (TSM +2.2%) CEO in June 2014, but remain a "hands-on" chairman. Either a new CEO, or two co-CEOs, will replace him at that time.

COOs Mark Liu and C.C. Wei are viewed as the most likely replacements for Chang, who had already announced plans to retire next year. R&D chief Chian Shang-yi was also viewed as a candidate before announcing plans to retire on Oct. 31.

TSMC closed above $19 for the first time since May today, a day after beating Q3 estimates and guiding for a ~10% Q/Q revenue drop. HSBC has upgraded the world's top foundry to Overweight, noting the Q4 guidance is above some estimates for a mid-teens decline, and that a Q/Q drop in consumer revenue was expected thanks to declining Xbox One/PS4 CPU orders from AMD.

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