Foxconn founder and chairman Terry Gou will go down in the coming months, 45 years after founded the company that made him Taiwan's richest man. Considering Reuters Gou says he plans to abandon the daily operations of the company, but he will still be involved in his big decisions.
Gou, who owns 9.4 percent of Foxconn, said he will decline in the coming months pending discussions with the company's board. He added that an announcement will be made to shareholders at the company's general meeting in June. He did not give any fixed details about who would succeed him. Reuters reports that current head of Foxconn Interconnect Technology Ltd, Lu Sung-Ching, is one of the potential candidates.
Gau said he makes the decision that the next generation should learn from him. "I'm already 69 years old. I can pass my 45 years of experience." Gou said, "That's the goal I set up ̵
"I want to Be involved in the main direction of the company, but not involved in daily operations, he says.
His resignation comes at a critical time for Foxconn, who is currently trying to reduce his dependence on Apple for revenues. Foxconn is currently producing iPhones, and Analysts estimate that Apple could provide as much as half of Foxcon's revenues, Apple warned in January that iPhone demand has slowed in the midst of a wider plateau in smart phone sales.  Foxcon's highly-publicized manufacturing hub in Wisconsin also seems to be experiencing difficulties. offered a $ 4.5 billion subsidy package to find a state-of-the-art LCD display factory, a development that President Trump called "Eighth World Cup." honor in continuous flux, and many of the buildings are still empty.
Foxconn shares closed 3.2 percent higher on Monday after the news broke.