“The chairman of Taiwan’s Foxconn, an assembler of Apple Inc’s iPhones, said on Monday he plans to step down in the coming months to pave the way for younger talent to move up the company’s ranks,” Yimou Lee reports for Reuters. “A change in leadership would come at a delicate time for the world’s largest contract manufacturer, which is trying to reinvent itself to cut its reliance on Apple as smartphone sales plateau and as the iPhone maker diversifies its supplier base.”

“Terry Gou, speaking on the sidelines of an event in Taipei, said that while he planned to resign as Foxconn chairman, he hoped to remain involved in strategic decisions regarding the company’s business,” Lee reports. “When asked by Reuters if he would quit as chairman, Gou said he was moving in that direction, although any decision needed to be discussed with the company’s board.”

I will be involved in the major direction of the company, but not involved in daily operations. I’m already 69 years old. I can pass down my 45 years of experience. That’s the goal I set up – to let young people learn sooner and take over sooner and to replace my position sooner. — Terry Gou

“Founded in 1974, the Foxconn group has grown to become the world’s biggest contract manufacturer with T$5.2 trillion ($168.52 billion) in annual revenue, assembling goods for Apple, SoftBank Group Corp and other global tech firms. It relies on Apple for more than half of annual revenue, according to analysts,” Lee reports. “Gou, who owns 9.4 percent of Foxconn as its top shareholder, is Taiwan’s richest person with a net worth of $7.6 billion, according to Forbes.”

Read more in the full article here.

MacDailyNews Take: Make sense, especially as Gou is reportedly considering a 2020 Taiwanese presidential bid.