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HONG KONG Dec 13 Foxconn International Holdings
Ltd (FIH), the world's biggest contract maker of
cellphones, has replaced its chairman just months after
appointing a new CEO at the loss-making company.
FIH has seen its shares and financial results languish over
the past few years as key clients such as Nokia Oyj
suffered from weak orders.
Unlike its parent, Foxconn Technology Group's flagship unit
Hon Hai Precision Industry, FIH does not assemble
Apple's iPhones, iPads and iPods.
Samuel Chin, chairman of FIH, which makes handsets for
companies such as Nokia, Huawei Technologies and
Motorola Mobility, will retire on January 1 to spend more time
with his family.
Chin will be replaced by Tong Wen-hsin, an executive director
with the company, FIH said in a filing to the Hong Kong stock
exchange on Thursday.
"Mr. Chin has confirmed that he has no disagreement with the
board and there is no other matter relating to his retirement
that needs to be brought to the attention of the shareholders of
the company," FIH said in a the filing.
In July, FIH, which is rumoured over the past month to have
received orders to make iPhones aimed at turning the company
around, appointed Chih Yu Yang as its new chief executive
officer, replacing Cheng Tien Chong who was stepping down.
FIH reported its worst-ever first-half net loss in August
and is in need of a major order boost to turn around, analysts
FIH's shares have lost a quarter of their value since the
beginning of this year as its financial results suffered due to
dismal orders from its troubled clients such as Nokia. The
shares closed down 1.8 percent on Thursday.
For a copy of the statement, please click here
(Reporting by Lee Chyen Yee; Editing by Anne Marie Roantree and