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- CHARTERED
APPOINTS JIM NORLING INTERIM PRESIDENT AND CEO
Electronics Industry
Veteran Steps in as Barry Waite Requests Early Retirement
SINGAPORE - April 24, 2002 - Chartered Semiconductor Manufacturing (Nasdaq:
CHRT and SGX-ST: CHARTERED), one of the world's top three silicon foundries, today
announced that its 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 2001, 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.
"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.
"I would also
like to take this opportunity to thank Barry for his numerous contributions to
Chartered. Under Barry's tireless leadership, the Chartered team substantially
closed the technology gap, broadened its customer base, deepened a core set of
strategic relationships through Chartered's unique partnering approach to the
foundry model, and built a world-class leadership team. The company is very well
positioned today to capitalize on the next phase of foundry industry growth,"
added Ho Ching.
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."
www.charteredsemi.com
Webcast Conference Call
Norling and Waite will host a conference
call for the financial community and take questions on the executive change on
Friday, April 26, 2002 at 8:30 a.m. Singapore time (US time 5:30 p.m. PT/8:30
p.m. ET, April 25, 2002). A webcast of this conference call will be available
to all interested parties on Chartered's Web site at www.charteredsemi.com, under
Investor Information, Releases & Confcalls, or at www.charteredsemi.com/investor/index_financial.htm.
About Chartered
Chartered Semiconductor Manufacturing, one of
the world's top three silicon foundries, is forging a customized approach to outsourced
semiconductor manufacturing by building lasting and collaborative partnerships
with its customers. The Company provides flexible and cost-effective manufacturing
solutions for customers, enabling the convergence of communications, computing
and consumer markets. In Singapore, Chartered operates five fabrication facilities
and has a sixth fab in the process of being developed as a 300mm facility.
A company with both global presence and perspective, Chartered is traded
on both the Nasdaq Stock Market (Nasdaq: CHRT) and on the Singapore Exchange (SGX-ST:
CHARTERED). Chartered's 4,000 employees are based at 12 locations around the world.
Information about Chartered can be found at www.charteredsemi.com.
Safe Harbor Statement under the provisions of the United States Private Securities
Litigation Reform Act of 1995
This news release contains forward-looking
statements, as defined in the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. These forward-looking statements, including without
limitation, statements relating to our outlook of the semiconductor industry and
the appropriateness of our business model and strategy reflect our current views
with respect to future events and financial performance, and are subject to certain
risks and uncertainties, which could cause actual results to differ materially
from historical results or those anticipated. Among the factors that could cause
actual results to differ materially are: changes in market outlook and trends,
specifically in the foundry services and communications segments; economic conditions
in the United States as well as globally; customer demands; and continued success
in our business strategies and technological advances. Although we believe the
expectations reflected in such forward-looking statements are based upon reasonable
assumptions, we can give no assurance that our expectations will be attained.
In addition to the foregoing factors, a description of certain other risks and
uncertainties which could cause actual results to differ materially can be found
in the section captioned "Risk Factors" in our Annual Report on Form 20-F filed
with the U.S. Securities and Exchange Commission. You are cautioned not to place
undue reliance on these forward-looking statements, which are based on the current
view of management on future events. We undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
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