Foxconn announced company veteran Calvin Chih will become its new CEO as Terry Cheng is stepping down due to health reasons:
Chih, who joined Lang Fang, China-based FIH in 2005 when it acquired the mobile-phone design company he founded, will be interim CEO ahead of formal approval by the company’s board, Hon Hai Precision Industry Co. spokesman Simon Hsing said by phone today. Hon Hai, based in Taipei, is the parent of FIH with a stake of about 70 percent.
Chih takes charge of a company struggling with the decline of three of its largest clients -- Nokia, RIM and Motorola Mobility Holdings Inc., while the rest of the Foxconn Technology Group benefits from surging demand for Apple Inc. iPhones and iPads. Chih founded Chi Mei Communication Systems Inc. in 2001 and headed the team that designed FIH’s first handsets for Motorola.