TAIPEI (Reuters) – Foxconn Chairman Terry Gou said on Friday he will hand over the running of the world’s largest electronics contract manufacturer to a new operations committee as he prepares to run for president of Taiwan at election next year.

Gou was speaking at the company’s annual general meeting in Taipei.

The company unveiled a leadership overhaul last week that will see more executives involved in its daily operations. Gou told Reuters in April that he planned to step down from Foxconn to pave the way for younger talent to move up the ranks.