Foxconn’s Gou to keep board seat as he bids for Taiwan’s presidency

13-May-2019 Intellasia | Asahi | 6:00 AM Print This Post

Terry Gou, chair of Apple supplier Foxconn, will retain a seat on the company’s proposed board, a company filing showed on Friday, as he plans to run in Taiwan’s 2020 presidential election.

Earlier on Friday, a source told Reuters that Gou will retain a seat on the company’s new board, weeks after his decision to contest the presidential election in January, seeking to represent the China-friendly opposition Kuomintang (KMT) party. The vote follows a period of increasing tension between Beijing and Taipei.

Gou’s election bid came after he told Reuters in April that he planned to step down from Foxconn to pave the way for younger talent to move up the company’s ranks.

Gou, Taiwan’s richest person, told reporters late on Friday that he will resign from his role as chair of the board to demonstrate his determination to run for the presidency, according to the official Central News Agency.

It is not immediately clear when Gou will resign.

The proposed candidates for the new company board, which include Lu Sung-Ching, the chair of Foxconn Interconnect Technology Ltd, and Sharp Corp’s chair Tai Jeng-wu, are subject to approval from a shareholder meeting in June, before a new chair is elected.

Analysts said Gou’s election bid might be weighed down by his ties to a Chinese leadership that refuses to renounce the use of force to unify with self-ruled Taiwan it considers a wayward province.

Earlier in the day, the company reported that its April sales were up 10.4 percent from a year earlier, the strongest increase since October last year.

Shares of Foxconn fell 0.7 percent on Friday, lagging the benchmark share price index’s 0.2 percent decline. They are up about 18 percent this year after falling 30 percent last year.


Category: Taiwan

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