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A Foxconn chairman to retire January 1

The chairman of Foxconn International Holdings -- which has ties to the famous/infamous Foxconn Technology Group -- will step down from his post at the new year.

Jay Greene/CNET

Foxconn International Holdings, another manufacturing division at Hon Hai that hasn't reached the same success as Foxconn Technology Group, is getting a new chairman.

The company's board of directors announced (PDF) today that Samuel Chin, its current executive director and chairman, will retire on January 1 to spend more time with his family. Tong Wen-hsin, another company director, will replace Chin as chairman. However, Chin will stay on an adviser to the chairman for 12 months.

"The company would like to take this opportunity to express its gratitude to Mr. Chin for his valuable contribution to the company during his tenure of office," Foxconn International Holdings said today in a statement.

Foxconn International Holdings should not be confused with the better-known Foxconn Technology Group that produces Apple's products. Foxconn International Holdings produces a wide range of devices, but has not publicly confirmed that it has any Apple contracts. The company was once extremely successful, thanks to its strong partnership with Nokia. However, as Nokia's sales have fallen, so too have the fortunes of Foxconn International Holdings.

Foxconn International Holdings, which also produces some devices for Motorola Mobility and China-based handset maker Huawei, has watched its share price slip 18.5 percent in the last year. Its revenue meanwhile, is down over 30 percent, and profits have been nearly cut in half.

(Via Reuters)