SMIC Names Ex-Chinese Bureaucrat Chairman

09 March 2015

Semiconductor Manufacturing International Corp. (SMIC) appointed former Chinese government official Zixue Zhou chairman and executive director of the pure-play foundry, replacing the retiring Wenyi Zhang.

Zhou previously served as chief economist for China's Ministry of Industry and Information and has also served as the director of the Ministry of Information Industry and the deputy director of the Ministry of Electronics Industry in China.

Though he is retiring from the post of chairman, Zhang will hold the position of honorary chairman and advisor.

The move to appoint a former government official to the chairmanship comes a few weeks after the Chinese government pumped $400 million into the foundry in order to shore up capital expenditures and debt repayment.

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