Foxconn chairman Terry Gou hands over reins ahead of Taiwan presidential bid
- The Apple supplier, whose full name is Hon Hai Precision Industry Co, unveiled a leadership overhaul last week
Foxconn Chairman Terry Gou on Friday stepped down from running the world’s largest electronics contract manufacturer as he prepares to contest Taiwan’s presidential elections next year.
The Taiwanese electronics manufacturing giant said Liu Young-Way, the current boss of its chip unit, would replace Gou as chairman.
The 68-year-old Foxconn founder was speaking at the company’s annual general meeting in Taipei, where a few hundred shareholders and supporters had braved the heat to watch a live broadcast on big screens. The move was widely expected.
The Apple supplier, whose full name is Hon Hai Precision Industry Co, unveiled a leadership overhaul last week with a nine-member operations committee in charge of daily operations.
Gou, who announced his presidential bid in April, told Reuters that he planned to step down from Foxconn to pave the way for younger talent to move up the ranks.
Gou is expected to retain a seat on the company’s new board, but Foxconn said last week – at its first investor relations conference – that the development of his presidential bid would affect his future role on the board.