iPhone manufacturer names Young Liu as new chairman

Hon Hai Precision Industry Co., the largest assembler of Apple Inc.’s iPhones, has named Young Liu its new chairman to replace billionaire founder Terry Gou.

Hon Hai said the semiconductor division chief’s appointment takes effect July 1, taking up a post vacated by Gou. The Taiwanese billionaire, who built the company from a maker of TV knobs into a global consumer electronics powerhouse, is stepping down to focus on winning a party nomination to compete in the 2020 Taiwanese presidential elections. Hon Hai’s shares slid more than 1%.

Liu takes the helm at a precarious time for the world’s largest contract manufacturer, known also as Foxconn. Escalating U.S.-Chinese tensions are hurting consumer sentiment and raising fears about the impact on Foxconn’s plants, most of which are located in the world’s No. 2 economy.