Source: Global Times

Semiconductor Manufacturing International (SMIC), a Shanghai-based contract chipmaker, announced Tuesday that Richard Chang resigned as the chief executive after the settlement of a long-running patent litigation.

Chang will be replaced by David Wang, former executive vice-president of Applied Materials, a semiconductor equipment company based in the US, and former chief executive of Huahong, a smaller company that works with SMIC.

According to SMIC's announcement yesterday, the company and Taiwan Semiconductor Manufacturing (TSMC), the world's largest contract chipmaker, agreed to a compromise with TSMC agreeing to settle a long-running trade secrets battle started two years ago with a $200 million payment from SMIC and a 7.4 percent stake in the company.