Cher Wang, the co-founder and chairperson of HTC took over the responsibilities of Peter Chou as CEO of the company effective immediately. The company announced her appointment today.

Wang replaced Chou after HTC suffered declining sales over the past three years. According to the Taiwanese smartphone manufacturer, Chou will transition to a new strategic role.

HTC Chairman Cher Wang Takes Over CEO Role

Wang believes she is the best candidate to serve as CEO

“As an entrepreneur at heart, I am excited to see so many new opportunities, and I am honored to accept this opportunity to help shape the next stage of HTC’s development,” said Wang in a statement.

“We are seeing rapid changes in the industry, with the smartphone as our personal hub connecting us to a growing world of smart devices. We pioneered the smartphone industry; now we are applying that thinking to realize the potential of a new generation of connected products and services,” she added.

In a separate interview with Bloomberg, Wang admitted that she suggested to the board of directors of HTC to appoint her as CEO. According to her, “I know the company, I know the people, and I have the vision. I think I am the best candidate. I suggested it.”

According to HTC, Wang had been increasingly involved in managing the different businesses of the company over the past two years. Her involvement allowed Chou to focus on product development, wherein he demonstrated expertise in design and cutting-edge technology.

Chou will lead HTC Future Development Lab

During his tenure, Chou supervised the successful transition of HTC from handheld device ODM to a global branded company.

The board of directors of HTC decided that it is now the right time to formally implement the needed organizational changes for the company to proceed to the next stage of its development.

Wang told Bloomberg that the past two years have been very challenging for HTC. She added, “HTC is getting much better. I don’t really think a year ago would have been the right time” to replace the CEO.

Chou will be responsible in identifying future growth opportunities for the company in his new role as head of the HTC Future Development Lab.

Turning around will be difficult for HTC

Commenting on Wang’s appointment, Jeff Pu, an analyst at Yuanta Securities said, “Peter had done poorly, but even with Cher’s return it will be difficult for HTC to turn things around. Her appointment may also imply that it’s difficult to find a fresh leader from outside.”