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SMIC Settles Lawsuit, CEO Resigns

CEO of Semiconductor Manufacturing International Corp. is stepping down after company agreed to pay $200 million to settle legal dispute with rival Taiwan Semiconductor.

NEW YORK (AP) -- The CEO of Semiconductor Manufacturing International Corp. is stepping down after the company agreed to pay $200 million to settle a legal dispute with rival Taiwan Semiconductor Manufacturing Co.

Last week, a California jury decided in favor of Taiwan Semiconductor, which had accused SMIC in a civil suit of stealing trade secrets.

The chip companies say they have agreed on a settlement in which SMIC will pay $200 million in damages over four years.

Meanwhile, SMIC says CEO Richard Chang is resigning to "pursue other personal interests."

SMIC spokeswoman Esther Lau said Chang's departure is not related to the settlement but wouldn't elaborate on his plans.

David N.K. Wang, most recently head of Huahong Co., has been named to replace him.

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