Terry Gou is preparing to run for Taiwan’s 2020 presidential elections.
On Friday, Foxconn stated, it has named the current head of its chip unit as its chairman.
Liu Young-Way will now be replacing Terry Gou as Foxconn’s chairman.
Foxconn’s founder Gou stepped down and handed over the running of the world’s largest electronics contract manufacturer to a new operations committee.
Gou is preparing to contest Taiwan’s presidential elections in 2020.