TAIPEI (May 13): The world’s largest contract manufacturer Foxconn is poised to nominate the head of its chip business as chairman to succeed Terry Gou, who plans to run in Taiwan’s presidential election, two people with direct knowledge of the matter said.

Liu Young, 63, is also a board member of Foxconn’s Japanese electronics unit Sharp Corp.

The nomination would come after Gou, 68, told Reuters in April he planned to step down as chairman of the Apple Inc supplier so younger talent could move up the ranks.

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