Foxconn says Gou will remain president, to withdraw from daily operations

TAIPEI (Reuters) – Taiwan-based manufacturer Foxconn, badembler of Apple's iPhones, said Terry Gou would remain president of the world's largest processor, although he plans to pull out of daily operations.

This comes after Reuters announced that Gou plans to step down in the coming months to allow young talent to climb the ladder of society.

"His desire is to withdraw from daily operations after developing and mentoring a new generation of talent to carry out Foxconn's mission. As President, Mr. Gou will continue to provide strategic guidance and direction, "Foxconn said in a statement.

Rouers asked Reuters on Monday that he would resign as president, but at 69, he was heading in that direction, but any decision was to be discussed with Foxconn 's board of directors.

"I do not know where this information comes from. But I have to say that basically I'm working in that direction: go back to the second line or retire, "Gou said.

He also reported a major management overhaul.

"At the meeting of the board of directors from April to May, we will give the new list of members of the board of directors to the board of directors," said Guo without giving more than details.

Foxconn, formerly known as the Hon Hai Precision Industry Co Ltd, is scheduled to hold its annual general meeting in June.

Any management reshuffle would mark another change at the highest level in a major technology company on both sides of the Taiwan Strait.

Morris Chang, founder of Apple's Taiwan Semiconductor Manufacturing Co Ltd (TSMC), retired as president last year. In September, Jack Ma, co-founder of Chinese online trading giant Alibaba Group Holding Ltd., announced that he would step down as president in a year to allow a younger management.

Founded in 1974, Foxconn Group is the world's largest contract manufacturer with annual sales of $ 5.2 trillion (US $ 168.52 billion). He badembles products for a large number of global technology companies, but relies on Apple for more than half of his annual business, badysts said.