(Yicai Global) July 18 -- Semiconductor Manufacturing International Corporation, the Chinese mainland’s leading contract chipmaker, has elevated its vice chairman to chairman less than two years after it named his predecessor to the job.

Chemical industry veteran Liu Xunfeng replaced Gao Yonggang yesterday, the Shanghai-based company said late the same day. Gao stepped down from all of his roles at SMIC “due to work adjustment,” it said, without providing further details.

Gao had been appointed acting chairman in September 2021, when Zhou Zixue resigned from the chairmanship for health reasons, and as was promoted to chairman in March last year.

Liu, 58, was named SMIC’s vice chairman on May 11 under the recommendation of China’s National Integrated Circuit Industry Investment Fund. also known as the Big Fund. Before joining the semiconductor giant, he chaired chemicals producer Shanghai Huayi Holding Group and was deputy chair of chemical industrial park operator Shanghai Chemical Industry Park Development.

SMIC has also seen other senior management changes in recent years. In November 2021, Shang-yi Chiang resigned from the vice chairmanship and other positions in the firm to spend more time with his family. Wu Jingang, who worked at SMIC for 20 years, stepped down in July 2021.

The chipmaker reported a net profit of CNY1.5 billion (USD209.2 million) and revenue of CNY10.2 billion (USD1.4 billion) in the first quarter, down 44 percent and 14 percent, respectively, from a year earlier, mainly because of a decline in wafer sales and a lower capacity utilization rate, the it said in May.

Editors: Tang Shihua, Futura Costaglione