Foxconn's Terry Gou announced Friday he is stepping down as chairman of the major contract electronics maker formally known as Hon Hai Precision Industry Co. but will remain on its board as he campaigns to become president of Taiwan.
Board members subsequently elected Young Liu, head of Hon Hai semiconductor subgroup Foxsemicon Integrated Technology Inc. and a board member of subsidiary Sharp Corp., to replace Gou on July 1.
Gou, 68, has put himself forward as a potential candidate to represent the main opposition Nationalist Party (KMT) in Taiwan's presidential election in January.