The president of Taiwan’s Foxconn, Apple’s assembler of iPhones, said on Monday that he plans to retire in the coming months as he wants to pave the way for young talent to rise through the ranks of the world’s largest contract manufacturer. Terry Gou, speaking on the sidelines of an event in Taipei, said that although he planned to step down as president, he hoped to remain involved in strategic decisions regarding the company’s business.
When asked for Reuters if he resigned as president, Gou said he was moving in that direction, although any decision should be discussed with the company’s board of directors.
“I don’t know where you got the information from. But I have to say, basically, I am working in that direction: walk back to the second line or withdraw … I have been busy for 45 years. I should hand it over to the young people,” Gou said. “I will be involved in the main management of the company, but not in the day-to-day operation.” I am already 69 years old. I can pass on my 45 years of experience. That is the goal I set for myself: to allow young people to learn earlier and take charge sooner and replace my position sooner. “
Gou said his plans would be discussed with the Foxconn board of directors, formally known as Hon Hai Precision Industry Co Ltd, in the coming months.
“Initially, we will tell shareholders at the General Meeting in June. “At the board meeting, between April and May, we will give the new list of board members to the board,” Gou said.
A source with knowledge of the matter told. Reuters that Lu Sung-Ching, the president of Foxconn Interconnect Technology Ltd, Foxconn’s optoelectronic and electronic connectors unit, was among the possible candidates to take over Gou.
“It doesn’t mean that it will just be gone.” It will move to the second line and will not be involved in day-to-day operations, “the source said.
Foxconn shares rose after the news, closing 3.2 percent higher on Monday. Founded in 1974, the Foxconn group has grown to become the world’s largest contract manufacturer with T $ 5.2 trillion ($ 168.52 billion) in annual revenue, bringing together products for Apple, SoftBank Group Corp, and other global technology firms.
Last month, Foxconn reported a less-than-expected drop in quarterly earnings, despite warning signs from key customers, including Apple, that demand for electronic technology was waning. The news comes three months later. Reuters reported that Foxconn was reconsidering plans to make liquid crystal display panels on a $ 10 billion Wisconsin campus.