Dr.Schumacher takes over as CEO, president of Grace Semiconductor

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SHANGHAI,CHINA: The Board of Grace Semiconductor Manufacturing Corporation has named Dr. Ulrich Schumacher as the new president and CEO of the Company, effective September 15th, 2007.  Dr. Schumacher will also be a director of the Board of the company.


Dong Yeshun, Chairman of Grace Semiconductor, said: "We are delighted and honoured that Dr. Ulrich Schumacher has decided to take on this role as President and CEO of Grace Semiconductor.  Dr. Schumacher enjoys an unrivalled reputation worldwide as one of the best minds and leaders in the semiconductor industry.  With someone of Dr. Schumacher's calibre 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."

Dr. Schumacher joined the Semiconductor Group of Siemens AG in Munich, Germany, in 1986, where he held several management positions in manufacturing, engineering and marketing.  In 1988, he became Assistant to the CEO and drove Strategic Planning and Alliances.  In 1991, he became General Manager of Memory, Chipcard IC and Multimedia Products.  In 1996, he was appointed President and CEO of Siemens Semiconductor Group, and in 1998, he became a member of the Board of Siemens AG.

In 1999, Dr. Schumacher led the spin-off of the Siemens Semiconductor Group and successfully brought it public in 2000 as Infineon Technologies.  Under his leadership, Infineon Technologies grew significantly, from being the 19th to the 4th biggest semiconductor company in the world, and for several years, it was the fastest growing company among the world's top 20 semiconductor companies.  Dr. Schumacher resigned in 2004 and joined Francisco Partners, a private equity firm in

San Francisco, USA, which specializes in high technology investments, as Operating Partner. Dr. Ulrich Schumacher said: "I very much look forward to joining the Grace team as its President and CEO.  It is an opportunity I could not resist. The potential of the foundry market remains enormous, and Grace is in an excellent position to become one of the leading PRC companies in this space.  I am glad to work in such a competitive environment, and in such a vibrant and dynamic country."  Dr. Schumacher has resigned from Francisco Partners but will continue to support it as a special advisor.

Dr. Schumacher is assuming the role of President and CEO from Dong, who will remain as Chairman of the Board.  Grace Semiconductor is a specialized semiconductor foundry with a strong focus on high quality services and advanced technologies, including embedded nonvolatile memory, high voltage, and low leakage processes.  The Company started operations in 2003 and has been one of the fastest growing companies in the industry.  The Company is located in the Zhangjiang Hi-Tech Park in Pudong, Shanghai, and has more than 1,400 employees.  Shanghai Alliance Investment is a leading shareholder of Grace Semiconductor.