Terry Cheng joined Hon Hai in 2007 and is to replace Chen Wei-liang as CEO at Foxconn International Holdings. (File Photo/Chen Chen-tang)
Foxconn International Holdings, an investment holding company for the world's largest contract manufacturer of electronics, announced on Nov. 30 that its chairman and CEO Chen Wei-liang is to hand over as CEO to Terry Cheng, vice president of its parent company, Foxconn Technology Group, from Jan. 1, 2012.
In addition, Guo Hsiao-ling, the daughter of Foxconn Technology Group chairman Terry Gou, will resign from the post of non-executive director of the international holdings company. The news sent the company's shares surging over 7% to HK$5.14 (US$0.66) on Dec. 1.
Chen decided to resign from his post as CEO on the grounds that he wants more time with his family. However, he will continue serving as chairman and formulate and review the company's plans.
The international holding company also revealed that its subsidiary sold 2 million shares of Ways Technical Corp for about NT$214 million (US$33.63 million) to raise operational capital. Ways Technical is a major producer of mobile devices such as handsets and satellite navigation systems and is an original design manufacturer.
Despite their different backgrounds, Cheng and Chen are prominent figures in Foxconn or Hon Hai Precision Industry, the anchor company of Foxconn.
Terry Cheng, who specializes in engineering, joined Hon Hai in 2007 after serving as the president of Asian operations for handset chips manufacturer Texas Instruments for 10 years.
Tech news provider Digitimes cited industry sources as reporting that Cheng would help improve Foxconn's research and development capabilities after taking over as CEO.
The outgoing CEO, Chen Wei-liang, migrated to the United States from Hong Kong, graduated from the Department of Economics at the University of Pennsylvania and jointed Foxconn in 2003. Three year later, he obtained orders from Nokia. He became Foxconn chairman and CEO in 2006 and earned annual pay of HK$12 million (US$1.54 million), the highest salary within Hon Hai Group.
Chen Wei-liang 陳偉良
Terry Cheng 程天縱
Guo Hsiao-ling 郭曉玲