Powerchip Technology Corp. (力晶科技) Chairman Frank Huang (黃崇仁) announced his resignation yesterday, taking responsibility for the DRAM maker's lackluster performance.

The announcement came a little over a week after the Taiwan Stock Exchange Corp. decided to delist the company from its over-the-counter (OTC) stock market on Dec. 11 as the firm's book value per share dropped below zero to minus NT$1.36.

Huang decided to resign as chairman for “failing to serve the shareholders.” He will stay on as chief executive officer and as a board member while the company completes its current reform process, Powerchip said in a statement.

The board selected Teknowledge Development (智仁科技開發) representative and former Economic Affairs Minister Steve Chen (陳瑞隆) to replace Huang as chairman, the statement said.