Hon Hai, the largest listed subsidiary of Foxconn Technologies Group, said in its filing with the Taiwan Stock Exchange in China that it would establish an operation committee composed of nine executives, representing the highest decision-making level next to the board of directors. Operations Committee members include Hon Hai CFO Huang Qiulian and Foxconn Zhengzhou LargeIPhoneLin Zhenghui, the head of the production plant. According to people familiar with the matter, the committee will make decisions on major issues of the company.
Huang Qiulian and Lin Zhenghui are expected to become one of the top executives to take over the power of Foxconn from Guo Taiming. At present, Guo Taiming is participating in the leadership election in Taiwan, China. He is expected to withdraw from Foxconn's daily work and focus on political undertakings. Other committee members include Chiang Chih-siung, who runs part of Foxconn's non-iPhone Apple business, and Liu Yangwei, who heads the semiconductor division.
Guo, 68, has announced plans to resign as chairman of Hon Hai after shareholders elected a new board in June. Foxconn also said in the document that it planned to localize some of its production in production bases covering 16 countries, from Japan, Mexico to the United States and India, but did not comment on the specific plan.
Foxconn had planned to build a factory in Wisconsin to create 13,000 jobs in exchange for more than $4.5 billion in government subsidies. However, the project was subsequently criticized for low-paying jobs, unexpected dismissals and changing goals. Foxconn said it planned to start producing LCD panels next year.