Foxconn’s CEO Terry Gou has announced that he will be stepping down from running the day-to-day operations of the company later this year. He is now looking to hand over the running of the company to younger management.

While Gou will step down as the CEO of Foxconn, he will still continue to be involved in making strategic decisions of the company. He wants to take the time to chart the long-term future of the company.

Gou’s decision would still require approval from Foxconn’s board and shareholders.

“I don’t know where you got the information from. But I have to say, basically, I’m working toward that direction – to walk back to the second line, or retire,” the Foxconn CEO said. I will be involved in the major direction of the company, but not involved in daily operations.

“I’m already 69 years old. I can pass down my 45 years of experience. That’s the goal I set up – to let young people learn sooner and take over sooner and to replace my position sooner.”

Gou also confirmed that Foxconn will start mass production of iPhones in India this year. This will help Foxconn in playing a far greater role in the development of the smartphone industry in India.

As of now, Wistron is the only Apple manufacturing partner that is assembling iPhones in India. By assembling iPhones in India, Apple will be able to offer the phones at better prices in the region due to the various custom duty savings. A report from last week claimed that Foxconn will start assembling the iPhone X in India from July.

Foxconn is Apple’s largest vendor, though it also manufactures smartphones for a number of other companies including HMD Global, OnePlus, and others.

[Via SCMP]

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