Chartered Semi CEO steps down

Singapore – Chartered Semiconductor Manufacturing’s board of directors has named Jim Norling interim president and CEO, stepping in for Barry Waite who has requested an early retirement to spend more time with his family.

Norling, who has served as deputy chairman since March, will lead Chartered while the board undertakes a global search for a CEO successor for Waite, Chartered’s president and CEO since 1998. Waite, who underwent heart surgery one year ago, asked the board to allow him to step down early in light of the Company’s improving outlook and the semiconductor industry turnaround.

Norling retired in July 2000 from Motorola after a distinguished 35-year career with the electronics giant. Norling held numerous leadership positions at Motorola, the most recent being that of president of the Personal Communications Sector, the then-largest business unit in the company. Norling also held the positions of deputy to the CEO and president of Motorola Europe, Middle East and Africa, and was president of the Semiconductor Products Sector for seven years.

“We are pleased to have Jim lead the organization at this juncture as the foundry industry is entering a new period of growth,” said Ho Ching, chairman of Chartered’s board of directors. “He is relocating to Singapore and will be fully engaged at every level as CEO, deeply involved in Chartered’s day-to-day operations as well as its long-term strategy.

Chartered has commenced its search to find a CEO successor to Waite. Chartered expects the process to take up to nine months.

“I am happy to be able to contribute to Chartered during this exciting phase of its growth,” Norling said. “In 13 months as a board member, I have become very familiar with the company and am impressed with its leadership and strategic direction. The office of the president structure, put in place two years ago, will help ensure a seamless transition, and it combines a great set of leadership skills and experience. I am ready to roll up my sleeves immediately and focus on building upon the strong and winning momentum that Chartered has.”

“It has been my sincere pleasure leading Chartered, and choosing to leave was a difficult decision,” said Waite. “I very much appreciate the board honoring my personal request to step down so that I could spend more time with my family. Having worked under Jim Norling for 20 years at Motorola, I know I am leaving Chartered in the best of hands. I have total confidence in Jim and the senior management’s ability to lead Chartered during this period and keep the company moving to a new level of achievement.”


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