Terry Gou to step back from ‘front line’ at iPhone assembler Foxconn as it expands into India, AI
- The 69-year-old founder and chairman of Foxconn aims to focus on the company’s strategic direction
Terry Gou Tai-ming, the billionaire founder and chairman of iPhone assembler Foxconn Technology Group, plans to step back from day-to-day operations, making room for younger management to run the world’s largest electronics contract manufacturer.
A spokesman for Foxconn, formally known as Hon Hai Precision Industry, said Gou aims to sharpen his focus on the company’s strategic direction, denying earlier reports that he aims to resign or retire.
“I’m already 69 years old. I hope to pass down my 45 years of experience to young people,” said Gou on the sidelines of an event in Taipei on Monday. “That’s the goal I set up – let young people learn sooner and take over my position sooner. Then I have more time to make long-term planning for the company.”
Gou said a new list of board members will be submitted during the company’s board meeting to be held between April and May this year. He said this move would help strengthen the function of the board, while playing down his role in daily operations.
His announcement has come as Foxconn, the largest private employer in China, is expanding its manufacturing operations in India, the world’s second biggest smartphone market, as well as entering new hi-tech fields, including artificial intelligence (AI) and autonomous driving.
Gou said at the same event in Taipei on Monday that Apple’s iPhone will start mass production in India this year, which will get Foxconn more deeply involved in the development of the country’s smartphone industry.