Foxconn chief hints reduced role, will remain chairman

Foxconn Chairman Terry Gou Says Aims to Step Down to Pave Way for Younger Talent

Foxconn chairman Gou says he aims to step down in coming months

A report says that the founder and chairman of Foxconn is ending his tenure with the company which has made plans for a multi-billion dollar investment in Wisconsin.

"I will still be involved and be in charge of the company's major directions in the future but I will take a more advisory role on daily operations", Gou said on the sidelines of a forum in Taipei.

Apple's iPhones will be mass produced in India by Foxconn Technology from this year onwards, marking a shift of the company's production from China, Bloomberg reported. Locating more production in India would help diversify Apple and Foxconn's manufacturing footprint away from China amid ongoing trade tensions with the U.S.

Sources told the wire agency that Foxconn's Indian assembly line, Hon Hai Precision Industry Co, would serve local and export markets before Apple's new iPhone models in September. Foxconn's initial investment will be about $300 million to set up, with lined-up investments depending on capacity expansion.

"We are the primary assembler after all", Gou said on Monday.

When asked about his retirement plan at a shareholder meeting previous year, Gou said he would not step down until the company's share price hit Tw$200 ($6.49).

Indians bought more than 140 million smartphones past year, with just 1.7 million sold by Apple, as consumers favored cheaper models from China. Only the headline has been changed.

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