SHANGHAI, July 17, 2011 /PRNewswire-Asia/ -- Semiconductor Manufacturing International Corporation ("SMIC"; NYSE: SMI; SEHK: 0981.HK), China's largest and most advanced semiconductor foundry, today announced that Mr. Zhang Wenyi has been appointed as SMIC's Chairman, Executive Director, and Acting CEO with effect from July 15th. The company will continue its search for a suitable candidate to fill the CEO position. SMIC's shares will resume trading on the Hong Kong Stock Exchange on Monday, July 18th.
Mr. Zhang, 64, graduated from Tsinghua University's Radio Engineering Department and has many years of experience in the semiconductor industry. Mr. Zhang previously served as the Chairman of the Board of Shanghai Hua Hong (Group) Co., Ltd., China's first 8-inch foundry. Mr. Zhang also served as Chairman of the Board of Hua Hong Group's subsidiary Shanghai Hua Hong NEC Electronics Co., Ltd., successfully transforming its business model into that of a foundry services company. He was also chairman of Shanghai Hua Hong International, Inc., where he spearheaded the implementation of international and professional management practices during his tenure.
Mr. Zhang has also served as Vice Minister of China's Ministry of Electronics Industry. In this capacity, he oversaw the development of China's electronics devices and components industry and was responsible for managing the Electronics Industrial Fund, which funds and supports emerging technologies and innovation within the industry.
"I am very honored to have been recently elected as SMIC's chairman, though it comes with enormous responsibility and great challenges," said Mr. Zhang. "I will work together with all members of the board, the operations team, and all employees to jointly strive for the company's further development, enhance profitability, and create long-term value for investors. The board agrees that SMIC must maintain its independence and internationalized operations, implement professional and standardized management, and unite the interests of management, employees, and investors. On this foundation, we will achieve the company's long-term development objectives."
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