September 21, 2007 – China’s Grace Semiconductor has named Ulrich Schumacher, former CEO of German chipmaker Infineon Technologies, as its new president and CEO, as well as a director.

“With someone of Dr. Schumacher’s caliber and international stature heading our management team, we are confident that we can further accelerate the process of bringing the company to the next level,” said Grace chairman Dong Yeshun, in a statement. Dong, also a VP at top Grace shareholder Shanghai Alliance Investment, had held the top positions at Grace since 2004.

Schumacher resigned suddenly from Infineon in March 2004, after reportedly losing an internal battle over leadership style and strategy, including his support of outsourcing and his criticism of Germany’s business climate. He had led Infineon’s spin-off from Siemens AG in 1999, and managed the memory chipmaker through the following industry downturn.

Grace noted that Schumacher has stepped down from his most recent position, at US-based private equity firm Francisco Partners (which is a minority supporter in the new Intel-ST flash JV, “Numonyx”).