SMIC is the world's fourth-largest contract chip maker, behind Taiwan Semiconductor Manufacturing Co. (TSMC), United Microelectronics Corp. (UMC) and GlobalFoundries.

SMIC is looking for candidates to fill the CEO position, it . It named Zhang Wenyi as acting CEO.

Zhang was also made SMIC's chairman on Friday. Its former chairman, Jiang Shang Zhou, died last month.

SMIC halted trading of its stock after shareholders voted Wang off the board on June 29. It resumed trading Friday.

Wang became SMIC's CEO in November 2009 and led the company to profitability. Nevertheless, there were concerns about the company's performance under his watch. SMIC has struggled to keep up with manufacturing technologies used by some of its competitors.