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Foxconn or Hon Hai Precision Industry Co., Ltd., the Taiwanese electronics company, is reportedly considering a company revamp and making way for a new corporate management system. The Apple supplier wants to introduce the rotating chief executive system to cultivate future talent.
If this plan is implemented, it will result in a significant reshuffle of Foxconn’s management structure. As per Reuters, the CEO rotating system is now common with businesses around the world. However, analysts said it offers some advantages, such as promoting company teamwork, nurturing a new generation of talents, and preventing companies from having fixed leadership that is almost immovable.
What Set Off the Rotating CEO Plan
An insider who has knowledge of the matter said Foxconn devised the plan for a change in leadership system after investors repeatedly called for strengthening the firm’s corporate governance by splitting up the roles of the chairperson and chief executive officer. The company appointed 50-year-old Young Liu to handle these dual roles, and he has been in the office since 2019.
It was mentioned that even before this plan emerged, Senior Foxconn managers had already been discussing the possibilities for a rotating CEO setup. Sources added that the talks have been going on for several months now.
The Rotational CEO Structure
At any rate, the company’s management is reportedly deliberating on how the suggested leadership system would work for Foxconn. Key executives are also looking for potential CEO candidates and forming a guide for their specific responsibilities under the rotating chief executive system.
WION News reported that there is no fixed decision yet about this matter, but once finalized, Foxconn is likely to practice installing four CEOs who would be rotated every six months. Lastly, the leaders may be asked to focus on the company’s six key business units, including televisions, computers, and smartphones.
Photo by: Strubbl/Wikimedia Commons (CC BY-SA 4.0)
