After weeks of guessing, major iPhone maker Foxconn has finally announced who will fill the shoes of its legendary founder and Chairman Terry Gou, who is stepping down to make a bid to become the next leader of Taiwan.

And the award goes to: Liu Yang-wei, the current head of Foxconn’s semiconductor unit, the Taipei-listed company announced Friday.

The change will take effect on July 1, ending Gou’s decades-long tenure as chairman of Foxconn, which is also known as Hon Hai Precision Industry Co. Gou announced in April that he plans to run in the 2020 election for Taiwan’s top office, on behalf of the Kuomintang party.

Contact reporter Teng Jing Xuan (jingxuanteng@caixin.com)