Hon Hai Precision Industry (Foxconn) overhauled its management structure by creating a new operations committee with nine senior executives given the mandate to make decisions on major business matters, Bloomberg reported.
In a stock market filing, the company said the committee would include CFO Huang Chiu-lian; the head of its iPhone production unit in China Lin Zheng-hui; chip division chief Liu Young; and Chiang Chih-siung, who oversees some the non-iPhone business from Apple.
Chairman and founder Terry Gou in April said he would step down after shareholders elect a new board this month, to make way for younger leaders at the company. He separately announced he will run for president of Taiwan.
The company, the world’s largest contract electronics manufacturer, was tipped to appoint Liu to replace Gou, but this remains unconfirmed.
Foxconn is one of Apple’s biggest suppliers, with estimates more than half of its annual revenue comes from the iPhone maker.
The company has been hit by weak iPhone sales and an escalating trade war between the US and China, as higher tariffs are imposed on many components it uses.Subscribe to our daily newsletter Back