A report says that the founder and chairman of Foxconn is ending his tenure with the company which has made plans for a multi-billion dollar investment in Wisconsin.
Reuters reports that Terry Gou is halting his career there “to pave the way for younger talent to move up the company’s ranks.”
Gou, 69, told Reuters that he is “walking toward that direction – to walk back to the second line, or retire…I will be involved in the major direction of the company, but not involved in daily operations.”
He is reportedly the company’s largest shareholder, according to Forbes.
Foxconn had initially agreed to make an 11-figure investment in Racine County and other parts of Wisconsin for flat-screen panel production. After reports questioning whether they would follow through on the investment, Foxconn agreed it would build smaller screens.
The state and other municipalities have given Foxconn a $4 billion incentive plan, according to the Associated Press. They said the project would lead to 13,000 jobs through their company in Wisconsin, though that total is not expected to quickly come to fruition.