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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Politics

Politics

Terry Gou withdraws from Taiwan president race, bringing relief to Foxconn

Terry Gou, Foxconn founder, announces his bid for Taiwan presidency
Terry Gou, Foxconn founder, announces his bid for Taiwan presidency during a press event in Taipei, ... Terry Gou, Foxconn founder, announces his bid for Taiwan presidency during a press event in Taipei, Taiwan August 28, 2023. REUTERS/Ann Wang/File Photo
Terry Gou, Foxconn founder, announces his bid for Taiwan presidency
Terry Gou, Foxconn founder, announces his bid for Taiwan presidency during a press event in Taipei, ... Terry Gou, Foxconn founder, announces his bid for Taiwan presidency during a press event in Taipei, Taiwan August 28, 2023. REUTERS/Ann Wang/File Photo

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Foxconn, a critical Apple (AAPL.O) supplier and iPhone producer, is likely to breathe a sigh of relief after learning that Terry Gou, the billionaire founder of tech giant Foxconn (2317. TW), has withdrawn from the contest to become Taiwan’s next president. Gou’s decision was announced on Friday.

He blamed the ruling Democratic Progressive Party (DPP) for bringing Taiwan to the verge of war by antagonizing China, which claimed the island as its territory. Gou launched his candidacy in August, stating that he wanted to unify the opposition and guarantee that the island did not become “the next Ukraine.” Gou blamed the DPP for bringing Taiwan to the verge of war.

Gou, who just received approval to run as an independent candidate from the electoral commission a week ago after gathering enough valid signatures, said in a statement that he was “withdrawing his body but not his spirit” when he quit the race for the position.

“STOP, RESET, RESTART,” he said, using English as his primary language.

He did not indicate what he would do next in the presidential campaign or who he may endorse — Hou Yu-ih of Taiwan’s main opposition party, the Kuomintang (KMT), or former Taipei mayor Ko Wen-je of the much smaller Taiwan People’s Party (TPP). Both candidates are running as candidates for Taiwan’s presidency.

“Have to take the win!” Is everything OK? “Finish the power transfer and transform Taiwan,” Gou stated.

In a message he left on Gou’s Facebook page, Ko expressed his gratitude for all Gou had done.

“We will definitely win!” Ko was included.

Gou’s poll numbers have continuously been far lower than his competitors, even though he ran a major advertising campaign that saw his face plastered all across Taiwan.

Even though Gou resigned from his position as chief executive officer of Foxconn in 2019 and as a board member at the beginning of September, he continued to be the company’s largest shareholder.

But after a Chinese tabloid announced one month ago that China was investigating Foxconn over taxes and other concerns, Gou, one of Taiwan’s most high-profile corporate personalities abroad, essentially disappeared from public view. Gou was one of the most prominent business figures in Taiwan.

The article, published in the very nationalist Global Times, gave the impression that Beijing was concerned about the possibility of Gou dividing the vote of the opposition, which might make it more likely that the DPP’s nominee, Lai Ching-te, would win the election.

Gou’s decision on Friday relieved the top management of Foxconn, according to two people close to the company who spoke to Reuters. This was a relief because they had considered various scenarios for potential backup plans since learning about the Chinese investigation.

“It’s a sigh of relief,” said one of the sources, who asked not to be identified since the topic is sensitive.

The person said this puts an end to it, alluding to fears about an escalation of the probe, which may further harm its activities in China. “We were previously a little bit unsettled, but this basically puts an end to it,” the person said.

Foxconn did not wish to comment on the matter. During the earnings call the week before, Foxconn Chairman Young Liu was questioned about potential political risks to the firm from Gou’s election candidacy. He stated that the company had “prepared for all possible cases.”

An angry showdown between the leaders of the opposition parties took place in front of reporters and was broadcast live on Taiwanese television channels in a conference room in a Taipei hotel late on Thursday night, which caused Gou’s efforts to broker talks between the KMT and TPP to run together against the DPP to fail. The showdown took place after Gou had tried to broker the talks.

To run as Gou’s running mate, Tammy Lai, an actress best known for her part in a critically acclaimed drama series on Netflix, had to renounce her citizenship in the United States. According to Lai’s office, she does not intend to get her American passport back now.


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