Equities

Reuters reports Foxconn chairman’s plans to resign; market reacts

Reuters reports Foxconn chairman’s plans to resign; market reacts

The chairman of Taiwan’s Foxconn, assembler of Apple’s iPhones, revealed to Reuters that he plans to step down in coming months as he wants to pave the way for younger talent to move up the ranks of the world’s largest contract manufacturer. Terry Gou, speaking on the sidelines of an event in Taipei, said that while he planned to resign as chairman, he hoped to remain involved in strategic decisions regarding the company’s business. Foxconn’s shares rose after the Reuters news was published and closed 3.2 percent higher.