Global contract manufacturing service provider Foxconn Technology Group has appointed its new Chairman.

Asian, high tech industry and U.S. business media is reporting that Foxconn (formally known as Hon Hain Precision Company) has named executive Young-Way Liu as its new chairman, succeeding company founder Terry Gou who will be campaigning for Nationalist political party nomination to run for President of Taiwan. Consumer Electronics manufacturing

The executive headed up Foxconn’s semiconductor business and serves as a Board member at Sharp, a Foxconn subsidiary. He now inherits overall leadership of a company that was previously molded around the 45-year hands-on and bombastic leadership style of founder Gou. Upwards of 50 percent of this manufacturer’s contract manufacturing volume stems from Apple’s manufacturing needs.

The formal announcement came from Gou himself speaking at the company’s annual general meeting in Taipei last Friday, followed by a formal vote of shareholders. Gou indicated that he would hand over day-to-day operations to a newly appointed nine-member Operations Management Committee. Gou will reportedly retain his Foxconn board seat and remain the company’s largest shareholder. He will retain his Chairperson role for Foxconn subsidiary Sharp.

Liu was already serving as a visible spokesperson for Foxconn, specifically on disclosing ongoing contingency production sourcing readiness for Apple’s iPhone and other consumer electronics.

He now inherits a significant set of challenges that include, among others, Foxconn, currently serving as one of the largest private employers in China, being caught in the middle of the ongoing trade war among the United States and China. He further inherits a messy situation involving Foxconn’s planned investment and rollout of a U.S. electronics manufacturing facility in the State of Wisconsin. Having to oversee a nine-member operations committee in a company that has long reflected a tops-down management structure presents a further ongoing challenge.