Taiwan-headquartered contract manufacturer Foxconn began looking to alter its top management structure, mulling rotating the CEO position, a move which has been on the table for several months, Reuters reported.

The shift is reportedly driven by calls for improved corporate governance and to better develop new leadership.

Reuters reported shareholders have pushed for the company to split the CEO and chair roles between two executives. Young Liu was appointed to both positions in 2019. He joined the company in 2007.

Huawei is one of the few global companies which rotates its top role. Three executives share the chair title, each holding the position for six months. 

In March, Liu forecast “significant” growth in full-year sales, following a near 10 per cent drop in Q1.

Revenue from consumer electronics products have declined as iPhone demand in China has weakened over the past two quarters.