Sat, May 11, 2019 - Page 12 News List

Hon Hai names board short list

NEW CHAIRMAN:The candidates are subject to approval at the annual shareholders’ meeting on June 21, the same day the new board is to elect Terry Gou’s successor

By Natasha Li  /  Staff reporter

Hon Hai Precision Industry Co (鴻海精密) yesterday said that its board of directors has nominated five high-profile executives as candidates for its new board, one of whom is to be a potential successor to long-time chairman Terry Gou (郭台銘).

Hon Hai chief financial officer Huang Chiu-lien (黃秋蓮), who was once considered a front-runner for the chairmanship, was not on the company’s short list.

Board director candidates include Hon Hai executive vice president Lu Fang-ming (呂芳銘), Foxsemicon Integrated Technology Inc (京鼎) chairman Young Liu (劉揚偉), Foxconn Industrial Internet Co Ltd (富士康工業互連網) vice chairman Li Jie (李傑), Foxconn Interconnect Technology Ltd (鴻騰精密) chairman Lu Sung-ching (盧松青) and Sharp Corp president and chief executive officer Tai Jeng-wu (戴正吳).

While Gou remains on the short list for the new six-seat board, he said that he would not run for chairman to show his determination to run in next year’s presidential election, the Chinese-language Liberty Times (sister newspaper of the Taipei Times) reported.

Gou, Taiwan’s wealthiest person, last month announced his decision to participate in the Chinese Nationalist Party’s (KMT) primary for the presidential election to be held in January next year.

Prior to the announcement, Gou had reportedly said that he would step down as the head of Hon Hai.

The independent directors list includes Taiwan Excellent Brand Association executive director Wang Guo-cheng (王國城), National Taiwan University interim president Kuo Tei-wei (郭大維) and MBK Partners cofounder Kung Kuo-chuan (龔國權).

The board director candidates are subject to shareholder approval at the firm’s annual shareholders’ meeting to be held on June 21, the same day the new board is to elect Guo’s successor and a new general manager.

The posts are expected to be filled by July 1.

The board yesterday approved the distribution of a cash dividend of NT$4 per common share, representing a payout ratio of 49.8 percent based on earnings per share of NT$8.03 last year.

That implied a dividend ratio of 4.77 percent based on the stock’s closing price of NT$83.7 in Taipei trading yesterday.

Hon Hai reported a 10.41 percent growth in sales last month of NT$379.79 billion (US$12.27 billion) from NT$343.99 billion the previous year, a historic high.

Combined sales from January to last month also hit a record high, rising 4.71 percent to NT$1.44 trillion.

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