Foxconn Technology roped in Jun Seki, the ex-CEO of motor manufacturing company Nidec, as the Chief Strategy Officer of its electric-vehicle (EV) venture.
The iPhone maker's move to hire Seki marks the first high-profile appointment for a business that the firm hopes will carve out new markets.
Seki, who left Nidec last year after company founder Shigenobu Nagamori removed him as CEO, is expected to help drive one of Foxconn’s newest priorities.
The Taiwanese firm accelerated its push into the auto industry over the past year by acquiring a pick-up assembly plant from embattled Lordstown Motors and showcased several prototypes.
The firm had not made any prominent hires before announcing the 61-year-old Seki’s appointment on Monday.
Foxconn has been bolstering efforts to secure new revenue after grappling with thin margins and unprecedented Covid-induced challenges in China, including a violent protest at its main iPhone assembly site.
The Taiwanese company is expecting its EV business to start contributing meaningful revenue this year and has a targeted market share of 5 per cent by 2025.
“Foxconn will lean on Mr Seki to help operate the group’s EV sites in the Americas, Asia, and the Middle East,” the company said in a statement.
Seki spent fewer than three years at Nidec, the world’s biggest manufacturer of electric motors. He was demoted in 2022, after Nagamori blamed him for the Japanese company’s poor performance. Seki has decades of experience in the auto industry, including with Nissan and China’s Dongfeng.
Seki spent fewer than three years at Nidec, the world’s biggest manufacturer of electric motors. He was demoted in 2022, after Nagamori blamed him for the Japanese company’s poor performance. Seki has decades of experience in the auto industry, including with Nissan and China’s Dongfeng.