Foxconn Technology Group appointed Young Liu as chairman during its annual shareholders meeting on May 29, 2024, following a major board reshuffle. The newly elected board, which includes four directors and five independent directors, convened immediately after the meeting to vote unanimously for Liu's continued leadership. The new term will run through 2028.
Record-breaking performance amid global uncertainty
Despite global geopolitical and economic headwinds, Liu highlighted that 2024 was a record-setting year for Foxconn, with revenue reaching NT$6.86 trillion (US$229 billion) and net income hitting NT$152.7 billion — both all-time highs. The company's market capitalization also surged by 138% over the past year.
Market dominance across key sectors
Foxconn maintained its position as the world's leading electronics manufacturer in 2024, commanding a 44.2% global market share. Its dominance in AI server manufacturing grew, with more than 40% market share in that category. In consumer smart devices, revenue increased by 20% over the past five years, while cloud and networking products surged 60% over the same period — achievements that Liu said demonstrate a more balanced and diversified customer and product portfolio.
Technology transformation accelerates
Looking ahead, Liu emphasized Foxconn's commitment to becoming a technology-driven manufacturing platform. Over the past three years, Foxconn's research institute has secured 35 approved patents, with 63 more applications in progress. The company has also published 234 academic papers and participated in 128 international conferences. "Foxconn is transforming — from a manufacturing Foxconn to a technology Foxconn," Liu declared.
ESG roadmap expansion
As part of what Liu calls the company's dual E operating equation — EPS + ESG — he provided an update on Foxconn's 32 existing ESG sustainability targets and revealed that a new five-year sustainability roadmap is in development. The plan, set to be unveiled soon, will be aligned with global best practices and stakeholder expectations, aiming to address long-term environmental and social responsibility goals.
Board diversity and expertise
The newly appointed board reflects Foxconn's commitment to diversity and independence. Independent directors continue to hold a majority, and one-third of board seats are now held by women. The board includes professionals with deep expertise across business, law, finance, technology, and management.
In addition to reappointing Young Liu and Dr. Christina Yee-ru Liu, the board welcomes new members such as Shang-Yi Chiang, former Co-COO of TSMC and current Chairman of ShunSin Technology Holdings, and Ching-Ray Chang, former Interim President, National Taiwan University and current Chairman, Taiwan Association of Quantum Computing and Information Technology.
Among independent directors, returning members include Tsing-yuan Hwang, James Wang, Len-yu Liu, and Yue-min Chen. They are joined by newly elected independent director Tzu-Mei Hsu, a former supervisor, at BankTaiwan Life Insurance and Director-General, the National Taxation Bureau of the Central Area, Ministry of Finance. Hsu is currently the Visiting Professor, School of Business, Soochow University.
Article edited by Jerry Chen
