[China] SMIC's COO resigns in latest shakeup


SAN FRANCISCO—In the latest management shakeup to hit Chinese chip foundry Semiconductor Manufacturing International Corp. (SMIC), the company announced Monday that Simon Yang, chief operating officer, will resign effective Sept. 5.


 SMIC (Shanghai) said it would take steps to appoint a new COO as soon as practicable.


 Earlier this month, SMIC appointed former Taiwan Semiconductor Manufacturing Co. Ltd. executive Tzu-Yin Chiu CEO after former CEO David Wang failed to win re-election to the company's board of directors.


 Last week, SMIC announced the reduction of its capital expenditure plan for 2011 to $800 million from $1 billion after reporting a second quarter net loss of $3.8 million on revenues of $352.4 million.


 The company said it expects revenue to decline in the third quarter by between 14 and 17 percent sequentially.


Source: EETimes