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Since the global shortage of cores, every move of the chip industry has attracted much attention. Recently, SMIC suddenly announced that Dr. Wu Jingang, the company's core technology executive, resigned due to personal reasons. This news has attracted widespread attention because Dr. Wu has not only worked for SMIC for 20 years, but is also one of the few core technical experts in the company. So why would an executive with such seniority choose to quit?
First, let's review Wu's career. In 2001, Dr. Wu joined SMIC. At that time, he was only 34 years old and began his long career in the chip industry. He progressed from an ordinary employee to assistant director, director, senior director, and eventually vice president of technology research and development. Dr. Wu is arguably the best of SMIC's few local executives, and he has a prominent position in the company and is one of the "Technology Five Tigers".
Despite Mr. Wu's glorious career, news of his resignation has sparked widespread speculation. It has been argued that the reasons for his departure were twofold: remuneration and dissatisfaction. The company's financial report in 2020 shows that Wu Jingang's annual salary is only 2.141 million yuan, while the company's other executives have significantly higher annual salaries. In an equity incentive plan, Wu Jingang also received less shares than other technical backbones. This may make him feel that his contribution is not being rewarded as it should be, and therefore feel unwilling.
However, this is not the only problem SMIC faces. Brain drain has always been a big problem for companies, not only for top managers, but also for junior employees. SMIC has a higher employee turnover rate than other chip companies. In addition, infighting between senior executives within the company is frequent. Last year, when the company welcomed back technology giant Jiang Shangyi, Mr. Liang was dissatisfied and said it was a sign of distrust of him. In order to retain Liang, the company raised his salary and gave him millions of dollars worth of real estate. This incident shows the different ways companies deal with internal disputes at the top.
Dr. Wu's departure is not just a personal choice for an executive, but also reflects SMIC's current challenges. Companies need to address brain drain and high-level infighting, while establishing more effective talent incentives and development mechanisms. In addition, his departure also symbolizes the decline of the status of local technical talents in the company, and foreign technology is gradually replacing local technology. In this highly competitive chip space, companies need to develop more forward-looking strategies to ensure their own sustainable development.
In short, Dr. Wu's departure has sparked widespread concern about SMIC's internal issues. Companies need to take steps to address brain drain and high-level infighting, while increasing the focus on homegrown tech talent. With the global chip industry competitive, SMIC needs to develop a more forward-looking strategy to ensure its competitiveness in the market.
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