Foxconn founder quits board for Taiwan presidential run

Foxconn Technology Group’s billionaire founder Terry Gou resigned from his place on the corporate’s board as he ramps up his marketing campaign to turn into president of Taiwan.

Gou stepped down as a director of the corporate he based in 1974 on account of “personal reasons,” in line with a press release from Foxconn Saturday. Foxconn thanked Gou, who stays its largest shareholder, for his contribution to the group and the worldwide electronics business.

Having constructed Foxconn into one of many largest manufacturing firms on this planet and a key provider to Apple Inc., Gou had already handed day-to-day operating of the enterprise over to chairman and Chief Executive Officer Young Liu in 2019, when he first publicly flirted with the thought of coming into politics.

Gou’s resignation comes lower than every week after he ended months of hypothesis by formally saying his intention to run in Taiwan’s presidential election, scheduled for January.

Opinion polls point out Gou will face an uphill battle to win the presidency. In an already-crowded race, he at present trails the opposite three candidates, with Vice President and ruling Democratic Progressive Party candidate Lai Ching-te within the lead, in line with most surveys.

Given Foxconn’s large manufacturing presence in China, with a whole bunch of 1000’s of workers, Gou’s means to face up to stress from an more and more assertive Beijing has already turn into a difficulty within the marketing campaign. China views Taiwan as part of its territory, a declare the federal government in Taipei rejects.

Gou dismissed claims he could be inclined to Chinese stress, have been he to turn into president.

“I will not bow to China’s threats,” he mentioned on the briefing saying his presidential bid final Monday, including that no international traders would dare spend money on China if the federal government there confiscated Foxconn’s belongings.

Improving the fractious relations between Taipei and Beijing has been the main target of Gou’s management bid up to now, with the billionaire promising to ship “50 years” of peace.