Foxconn chairman hands over reins ahead of presidential bid – Reuters

What happened: Terry Gou, founder and chairman of Foxconn, announced today he is handing the reigns of the world’s largest electronics contract manufacturer to a new operations committee.

Gou, 68, was expected to withdraw from the daily operations of Foxconn since he announced his bid for president of Taiwan, where the company is based.

He is expected to keep a seat at the board, but the company said at its first investors relations conference today that his presidential candidacy will affect his future role there.

Why it’s important: The news of Gou’s resignation has been expected since he announced his presidential bid.

It comes a week after Foxconn unveiled a leadership overhaul and plans for increased transparency towards investors.

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