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Pin to quick picksAlibaba Group H Share News (0HCI)

Share Price Information for Alibaba Group H (0HCI)

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Share Price: 72.30
Bid: 68.80
Ask: 75.80
Change: -0.50 (-0.69%)
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Open: 72.80
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UPDATE 1-Foxconn says Gou will remain chairman, to withdraw from daily operations

Tue, 16th Apr 2019 02:19

* Statement comes after Gou tells Reuters he plans to retire

* Foxconn says Gou will continue to provide strategicdirection

* Gou says new list of board members to be provided to board(Adds Gou's quotes, context)

By Yimou Lee

TAIPEI, April 16 (Reuters) - Taiwan's Foxconn, anassembler of Apple Inc's iPhones, said Terry Gou willremain chairman of the world's largest contract manufacturer,though he plans to withdraw from daily operations.

The comment came after Reuters reported that Gou said heplanned to step down in coming months to allow younger talent tomove up the tech firm's ranks.

"His wish is to withdraw from daily operations after havingdeveloped and mentored a new generation of talent to carry onFoxconn's mission. As chairman, Mr Gou will continue to providestrategic direction and guidance," Foxconn said in a statement.

Asked by Reuters on Monday if he would quit as chairman,Gou said, at 69 years old, he was moving in that direction,though any decision needed to be discussed with Foxconn's board.

"I don't know where you got the information from. But I haveto say, basically, I'm working towards that direction - to walkback to the second line, or retire," Gou said.

He also signalled a major management reshuffle.

"In the board meeting in April-May we will give the new listof board members to the board," Guo said without elaborating.

Foxconn, formally known as Hon Hai Precision Industry CoLtd, is due to hold its annual general meeting in June.

Any management reshuffle would mark another top-level changeat a major tech firm on both sides of the Taiwan Strait.

Morris Chang, founder of Apple supplier Taiwan SemiconductorManufacturing Co Ltd (TSMC), retired as chairman lastyear. In September, Jack Ma, co-founder of Chinese e-commercegiant Alibaba Group Holding Ltd, said he would stepdown as chairman in a year to allow for younger management.

Founded in 1974, the Foxconn group is the world's biggestcontract manufacturer with T$5.2 trillion ($168.52 billion) inannual revenue. It assembles goods for a miscellany of globaltech firms but relies on Apple for over half of annual revenue,analysts said.($1 = 30.8500 Taiwan dollars)

(Reporting by Yimou Lee; Writing by Anne Marie Roantree;Editing by Christopher Cushing)

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