Terry Gou Tai-ming, founder and chairman of the Taiwanese Foxconn Technology
VCG | Foxconn chairman Terry Gow said on Friday he would hand over the management of the world's largest electronics maker to the new operational committee as he is preparing to challenge the presidential election in Taiwan next year.
Foxconn's 68-year-old founder spoke at the company's annual general meeting in Taipei where several hundred shareholders and supporters surrendered to watch live on big screens.
The Apple Inc Provider, whose full name is Hon Hai Precision Industry Co. Ltd, presented a revised manual over the past week to see more executives involved in its day-to-day operations.
Gow, who announced his presidential bid in April, told Reuters he plans to step down from Foxconn to pave the way for younger talents to stand up.
A new chairman is expected to be elected to a board meeting later on Friday morning. Foxconn is ready to nominate Liu Yang Chief Chief to inherit Gow, two sources with a direct knowledge of the matter told Reuters in May.
Gow, who founded Foxconn 45 years ago, is the richest man in Taiwan with a net worth of 7.6 billion dollars, according to Forbes.