Terry Gou formally stepped down from Hon Hai chairman role and Hon Hai announced after its shareholders' meeting that Liu Yangwei, chairman of Foxsemicon Integrated Technology, will replace Gou as new chairman of Hon Hai.

However, Gou will continue to be a director of Hon Hai. Foxsemicon Integrated Technology is a semiconductor device factory under Hon Hai.

Gou said that Hon Hai's operation will be in charge by a group of nine people and they will definitely do a better job. With this change, the actual manager of Hon Hai will be the management committee instead of Liu alone, which means Hon Hai will enter a group leadership era.

During Hon Hai's investor briefing on June 11, which was also the company's first investor briefing in its 45 years of history, Liu said that Hon Hai has very broad product lines and this complex and huge business requires many people to take responsibility for it. He said that Hon Hai currently plans to hold management committee meeting once a week. Any major proposal will need the approval of two-thirds of the members and then the proposal will be submitted to the decision of board of directors.

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