TAIPEI (Taiwan News) — Taiwan Semiconductor Manufacturing Co. (TSMC) Chair Mark Liu (劉德音) will retire next year and no longer run for a seat on the board, reports said on Tuesday (Dec. 19).

The world’s largest contract chip manufacturer is recommending Vice Chair C.C. Wei (魏哲家) as Liu’s successor, per UDN. A board meeting next June will elect the new head of the company.

Liu joined TSMC in 1993, and succeeded its founder, Morris Chang (張忠謀), as chair in June 2018. During the past few years, Liu oversaw the growing internationalization of the semiconductor maker, with projects located in the U.S. state of Arizona, Kumamoto, Japan, and Dresden, Germany.

TSMC has been acknowledged as a world leader in chip technology, playing a crucial role in the global economy as well as strengthening Taiwan’s reputation overseas.