Taiwan-based contract manufacturing giant Foxconn has officially announced its transition to a rotating CEO model, allowing the leaders of each of its six business divisions to take turns serving in the top executive role.

DigiTimes reported that the company's chairman, Young Liu, mentioned a change in leadership, but did not provide details about the specific group head who will be appointed first or the duration of their term. Currently, a six-month term is under consideration. This move by Foxconn reflects a strategic shift towards decentralization and collaboration across its different business divisions, fostering a sense of shared leadership within the organization. By implementing a rotating CEO structure, it allows for fresh perspectives and expertise from diverse leaders to influence the company's overall direction, facilitating innovation and adaptability in the ever-changing tech industry.

The leadership change solely impacts the main company, not the subsidiaries. The rotation of executives and implementation of this system aid in grooming potential future leaders by providing them with a holistic view of the company's operations.

The supplier's business group manufactures a wide variety of products, including smartphones, notebook computers, precision components, PCs, displays, TVs, game consoles, and chips. There have been reports indicating that the company is considering adopting a rotating CEO system to change its top management structure.