Terry Gou, a Taiwanese billionaire who is running for president, resigns from the Foxconn board.

Days after launching his candidacy for president of Taiwan, multibillionaire entrepreneur Terry Gou resigned from the board of directors of Foxconn, the largest electronics company in the world.

The 72-year-old Gou created Foxconn, which was then known as Hon Hai Precision Industry in Taiwan in 1974. Gou is a self-made septuagenarian billionaire with a net worth of $6.8 billion. One of the biggest electronics contract manufacturers in the world, it expanded to become a global commercial empire. Apple is among its top customers.

The 24 million-person island nation of Taiwan will be holding its presidential election in January amid tense relations with its next-door powerhouse, China.

Gou is known for his tolerance with mainland Chinese corporate interests and has attacked the Taiwanese independence movement.