SMIC Top Management in Throes of Power Struggle 中芯国际管理层陷入权力之争
After reports emerged last week on the sudden turmoil at SMIC (HKEx: 981; NYSE: SMI), China top microchip maker, it now appears the company is in the midst of a power struggle at the top that could wreak havoc on both its short- and longer-term performance. Markets were caught by surprise when signs of the turmoil first emerged with the unexpected removal of CEO David Wang from the company’s board at its annual general meeting, which came just days after its chairman died from cancer. (previous post) Now my sources are telling me that the removal of Wang, a Taiwanese-born US citizen, from the board is part of a broader campaign to purge the company’s top management of Taiwanese and replace them with mainlanders. Those who have followed SMIC for a while will know that this company’s history has been very closely tied to Taiwan, which pioneered the contract chip manufacturing concept. Its original founder, Richard Chang, was a Taiwanese, as were most of his top managers before their removal less than two years ago with Wang’s arrival. Chinese media are reporting that SMIC’s largest shareholder, state-owned telecoms company Datang, is apparently no longer supporting Wang and wants to see him replaced by one of the company’s other mainland-born top executives. (Chinese article) The only problem is, former Chairman Jiang Shangzhou was a strong supporter of Wang and recently signed him to a new multi-year contract just before his death last week, my source says. Wang has done a decent job of turning around this company, restoring it to profits in the last few quarters after four straight years of losses. His signing of a new contract so recently would indicate he clearly had no intention of leaving. But if Datang and the emerging mainland clique make his life difficult, I could easily see him accepting a buy-out in the next few months. Whatever happens, all of this will be bad for SMIC’s performance in the short-term, and a long-term introduction of new mainland management with little or no experience running a major complex company like SMIC doesn’t look good for the long term either.
Bottom line: The ongoing power struggle in the top ranks of SMIC will create chaos for the company in the sort term, and could mark the start of a longer term decline.
上周有报导称，中芯国际<0981. HK><SMI.N>突然出现高层动荡，该公司目前看起来是陷入权力争夺战，这可能将影响其短期及长期表现。中芯国际董事长江上舟因癌症去世後，该公司召开年度股东大会，首席执行官王宁国意外落选董事会，中芯国际高层动荡初露端倪，这颇令市场感到意外。我的消息人士告诉我，台湾出生的美籍华人王宁国未能进入董事会，是中芯国际清理台湾高管，让大陆人取而代之的举措之一。一直关注中芯国际的人应当知道，公司与台湾方面渊源颇深，台湾率先创造出合同芯片制造理念。中芯国际创始人张汝京（Richard Chang）是台湾人，他的管理团队中多数也是台湾人，他在两年前黯然离开，王宁国正是在那时接手中芯国际。中国大陆媒体报导称，中芯国际最大股东——大唐电信显然不再支持王宁国，而力推另一名大陆出生的高管取而代之。我的消息人士透露，唯一的问题是，江上舟一直力挺王宁国，上周去世前刚与其签订了一份多年合约。中芯国际连续四年出现亏损後，王宁国帮助公司扭亏为盈。王宁国刚签订了新合同表明他无意离职。但如果大唐和大陆同僚让其处境艰难，我敢说，他几个月後将接受合同买断。无论哪种情况，这都对中芯国际短期表现不利，如果由经验不足或毫无管理经验的大陆高管接掌像中芯国际这样大公司，也并不利於公司长期发展。
一句话：中芯国际管理层权力之争将让该公司短期陷入混乱，可能标志着该公司长期下滑的开始。
Related postings 相关文章:
◙ SMIC Rumbles with Talk of Leadership Change 媒体风传中芯国际领导层变动
◙ Intel’s Move Nods to China Gadget Clout, Smells Slightly of Desperation 英特尔人事调动突显中国市场影响力
◙ SMIC: Forging a Better Future?
