In an article published by Reuters, Foxconn’s Chairman Terry Gou said he will retire as chairman of the board of the company he started 45 years ago.
According to the report, he said at an industry event, “I will be involved in the major direction of the company, but not involved in daily operations.
“I’m already 69 years old. I can pass down my 45 years of experience. That’s the goal I set up – to let young people learn sooner and take over sooner and to replace my position sooner.”
Gou said his plans would be discussed with the board of Foxconn, formally known as Hon Hai Precision Industry Co Ltd, in the coming months and shareholders would be told at the AGM in June.
A source with knowledge of the matter told Reuters that Lu Sung-Ching, the chairman of Foxconn Interconnect Technology Ltd, the electronic and optoelectronic connectors unit of Foxconn, was among the possible candidates to take over from Gou.
“It doesn’t mean he will just be gone. He will remove himself to the second line and he would not be involved in the daily operations,” the source said.