Taiwan: Foxconn chairman hands over reins to new committee ahead of presidential bid

Foxconn Chairman Terry Gou said on Friday he will hand over the running of the world's largest electronics contract manufacturer to a new operations committee as he prepares to contest Taiwan's presidential elections next year.

The 68-year-old Foxconn founder was speaking at the company's annual general meeting in Taipei, where a few hundred shareholders and supporters had braved the heat to watch a live broadcast on big screens.The Apple Inc supplier, whose full name is Hon Hai Precision Industry Co Ltd, unveiled a leadership overhaul last week that will see more executives involved in its daily operations.

Gou, who announced his presidential bid in April, told Reuters that he planned to step down from Foxconn to pave the way for younger talent to move up the ranks.A new chairman is expected to be elected at a board meeting later on Friday morning. Foxconn is poised to nominate chip unit boss Liu Young to succeed Gou, two sources with direct knowledge of the matter told Reuters in May.Gou, who founded Foxconn 45 years ago, is Taiwan's richest person with a net worth of $7.6 billion, according to Forbes.