Foxconn, the world’s largest contract electronics manufacturer, has launched a rotating chief executive system aimed at developing future leadership and improving corporate governance. This strategic move is designed to deepen executives’ understanding of the company’s operations and prepare for sustainable growth.
This month, Taiwan’s Foxconn, the world’s largest contract electronics manufacturer, has initiated a new management strategy that includes a rotating chief executive system, according to Chairman Young Liu. The change is part of an effort to prepare for future leadership transitions and improve corporate governance.
Foxconn, a major supplier to Apple, was contemplating this move to separate the roles of chief executive and chairperson, aiming to cultivate new leadership talent within the company. Speaking to reporters in Taipei, Liu emphasized the importance of “succession planning” for sustainable development, stating that the rotating CEO system would foster a deeper understanding of the company’s operations among potential leaders.
Liu, who has been serving as both chairman and CEO since 2019, explained that the new system would involve executives from Foxconn’s six core business sectors, including smartphones, personal computers, and televisions. He did not specify who has been appointed to the rotating CEO position. The rotating CEOs will manage these core sectors but will not be involved with the operations of significant listed subsidiaries like Foxconn Interconnect Technology, FIH Mobile, and Foxconn Industrial Internet.
This structural shift is seen as a move away from the “one-man rule” that characterized the leadership style of Terry Gou, Foxconn’s billionaire founder who retired in 2019. According to a source familiar with the matter, this new rotational system aims to enhance managerial oversight across Foxconn’s extensive global operations, which include hundreds of subsidiaries and activities in over 20 countries.
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