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TSMC's CEO awarded restricted stocks valued at NT$424 million

04/02/2024 03:41 PM
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Taiwan Semiconductor Manufacturing Co. CEO C.C. Wei. CNA file photo
Taiwan Semiconductor Manufacturing Co. CEO C.C. Wei. CNA file photo

Taipei, April 2 (CNA) Taiwan Semiconductor Manufacturing Co. (TSMC) CEO C.C. Wei (魏哲家) has been awarded restricted stocks valued at about NT$424 million (US$13.22 million) under one of the company's stock benefit programs.

TSMC, the world's largest contract chipmaker, said in a recent announcement that Wei has been awarded 550,000 restricted shares under the employee restricted stock awards (RSAs) program for the 2023 fiscal year announced in early February 2024.

The value of the restricted stocks received by Wei was calculated based on TSMC's closing price of NT$770 on Monday.

TSMC said on Feb. 6 that it would release 2.96 million restricted shares under its RSAs program for 2023 to "attract and retain corporate executives and key personnel and tie their compensation to shareholder interests and ESG (environment, social and governance) achievements."

Wei received the largest number of restricted shares under the program, which benefited more than 20 executives.

Other executives, including Y.P. Chyn (秦永沛), executive vice president and co-chief operating officer, and Y.J. Mii (米玉傑), another executive vice president and co-chief operating officer, received between 60,000 and 150,000 restricted shares.

Under the RSAs program, the restricted stocks are placed in custody when they are awarded, to be cashed in over the following three years.

In December, TSMC Chairman Mark Liu (劉德音) announced he will step down from his position and retire following TSMC's annual general meeting in June 2024 after he decided not to seek nomination for the company's board membership.

Liu has recommended Wei to succeed him, something that will have to be ratified by the incoming board of directors elected in June.

In February, Chyn and Mii were appointed as TSMC executive vice presidents and co-chief operating officers, a promotion from their previous posts of senior vice president for operations and senior vice president for research and development, respectively.

(By Chang Chieh-chung and Frances Huang)

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