TAIPEI — Terry Gou told Foxconn shareholders he would step down as chairman of the company he founded and has led for the whole of its existence, as reports swirl about his intended candidacy for president of Taiwan.

Foxconn's board elected Young Liu, head of the company's semiconductor division, new chairman.

Gou, who founded Foxconn in 1974 and is the company's largest shareholder, is expected to remain on the board in an advisory capacity.

Gou, 68, has made overtures about seeking the presidency but has not officially pulled papers for the office at this time.

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