It is a period of transition and changes for Foxconn. On the one hand the presumed need to come to terms with the requests of an important customer like Apple concerning the shift of production out of China, on the other the abandonment of the assignment by its president, the founder Terry Gou, of now engaged in an electoral campaign that will see him compete for the leadership of Taiwan. The successor was identified as Young Liu, 63 years old.
Foxconn: Young Liu the new president
Gou, born in 1950, founded Hon Hai at the age of 24 with an investment of $ 7,500 and a team of just 10 employees, starting with the production of plastic parts for televisions, in a small plant set up in the outskirts of Taipei. Today the group is the largest producer of electronic devices in the world (including iPhones), with 1.2 million people employed only in China and plants distributed in seven countries. He will participate in the Kuomintang party primaries (KMT), now in opposition, with the aim of becoming its leader. According to Forbes it is the richest Taiwanese with a personal fortune is estimated at 7.6 billion dollars.
Gou’s resignation was formalized today during a meeting with the company’s top management staged in Taipei. In any case, he will remain on the board of Hon Hai Precision Industry, although he no longer deals with day-to-day operations. These are the first words of the successor Liu, until now number one of the Foxconn division engaged in the semiconductor business.
I have really complex feelings. I will work to maximize shareholder interest.
Following today’s event (Annual General Meeting), the new president turned to the press denying rumors of a shift in production outside of China. The tensions between Beijing and Washington, the threat of new duties and taxes on exports, seem to point in another direction.