Foxconn says Gou remains chairman, to withdraw from the daily operations

TAIPEI (Reuters) – the taiwanese Foxconn, an assembler of Apple Inc iPhones, said Terry Gou continue president of the world’s largest contract manufacturer, but he is planning to withdraw from the daily operations.

FILE PHOTO: Terry Gou, founder and chairman of the taiwanese Foxconn Technology, participates in a session of the second annual World Internet Conference in Wuzhen town of Jinxing, Zhejiang province, China, December 16, 2015. REUTERS/Aly Song/File Photo

The reaction came after Reuters reported that Gou said that he was planning to resign in the coming months for the younger talent to move up the tech firm’s ranks.

“His desire to withdraw from daily activities after having developed and mentored a new generation of talent to enter the Foxconn’s mission. As president, Mr. Gou will continue to provide strategic direction and guidance,” Foxconn said in a statement.

Asked by Reuters on Monday, when he would stop as president, Gou said, 69 years old, he was moving in that direction, but each decision had to be discussed with Foxconn, the board of directors.

“I don’t know where you got the information from. But I have to say, in short, I am working towards that direction – to walk back to the second line, or retire,” Gou said.

He is also signalled in a major management reshuffle.

“In the meeting of the council in April-May we give the new list of members of the council to the board of directors,” Guo said without elaboration.

Foxconn, formally known as Hon Hai Precision Industry Co Ltd, is due to the annual general meeting in June.

A management reshuffle would mark a new top-level change at a major tech company on both sides of the Taiwan Strait.

Morris Chang, the founder of Apple supplier Taiwan Semiconductor Manufacturing Co Ltd (TSMC), stepped down as chairman last year. In September, Jack Ma, the co-founder of the Chinese e-commerce giant Alibaba Group Holding Ltd, said he would resign as chairman in a year too late for the younger management.

Founded in 1974, Foxconn group is the world’s largest contract manufacturer with the T$5.2 trillion ($168.52 billion) in revenues on an annual basis. The compilation of the goods for an anthology of global tech companies, but relies on Apple for more than half of the annual sales, analysts said.

Reporting by Yimou Lee; Writing by Anne Marie Roantree; Editing by Christopher Cushing

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