Taipei, May 6 (CNA) Hon Hai Precision Industry Co. Chairman Terry Gou (郭台銘), who is making a bid for president of Taiwan, will step back from the daily operations of the company, eventually allowing CFO Huang Chiu-lien (黃秋蓮) to take over as chairperson, a source in the company told CNA Monday.
During a visit to the United States last week, a few days after throwing his hat into the ring, Gou said he planned to resign as chairman of Hon Hai, which is also known as Foxconn Technology Group.
Gou, 68, will soon be handing over the reins of the company's day-to-day operations to other executives so that he can focus on his presidential bid, according to a Hon Hai source, who asked not to be named because they were not authorized to speak publicly on the subject.
While he will step down as Hon Hai chairman, a position he has held for 45 years, Gou will assume the post of company president so he can supervise its transformation efforts and integration of its global resources, according to the source.
Hon Hai will also change its executive structure, under which Gou served concurrently as chairman and CEO, the source said.
Under the new structure, CFO Huang will take over the chairmanship of the company, while the job of CEO will be filled by another executive, who will be named on June 21 at a board of directors meeting, the source said.
Currently, Huang is vice president and CFO of the company and is responsible for the group's investment projects around the world.
Dubbed "Mother Money," she has been managing Hon Hai's financial affairs since 1974, when the company was first launched with an investment of NT$300,000 (US$9,695) to make plastic knobs for television sets.
She has served as chairwoman or director of at least 75 Hon Hai affiliates, which number 800 in total.