Hon Hai Precision Industry Co., Ltd. (HNHPF)
- Reuters
Apple supplier Foxconn introduces rotating CEO role
Taiwan's Foxconn has this month started a rotating chief executive system in an overhaul of its management designed to nurture successors of the world's largest contract electronics maker, chairman Young Liu said on Wednesday. Reuters exclusively reported last week that major Apple supplier Foxconn was considering introducing a rotating chief executive system in a move to boost corporate governance by separating the role of chief executive from the chairperson as well as to develop future talents. Responding to reporters' questions in Taipei, Liu said in order to have sustainable development Foxconn must have "succession planning" in place and that the rotating system could help develop future talents.
- Reuters
Exclusive-Foxconn considers rotating CEOs in management reshuffle
Apple supplier Foxconn is considering introducing a rotating chief executive system in a major overhaul of its management structure designed to nurture future talent, three sources briefed on the matter told Reuters. For companies around the world, the rotating chief executive structure is uncommon, but analysts say it can promote teamwork and prevent leadership from becoming entrenched, as well as developing a next generation of talent. One of the sources said the plan was a response to repeated calls by investors to boost corporate governance by separating the role of chief executive from the chairperson.
- Yahoo Finance Video
Foxconn posts 9.6% revenue decline in Q1
Foxconn, the company best known for assembling Apple's (AAPL) iPhones, reported that its first quarter revenue fell 9.6% from a year ago. Foxconn, which is formally known as Hon Hai Precision Industry (2317.TW, HNHPF), expects sales to grow in the current quarter. in the video above, Yahoo Finance's Brad Smith and Seana Smith discuss the report. For more expert insight and the latest market action, click here to watch this full episode of Morning Brief. Editor's note: This article was written by Stephanie Mikulich
