AP
Former HTC CEO Peter Chou
Chou will remain at the company transitioning to head of the HTC Future Development Lab.
The company has seen several years of declining sales despite being lauded by critics. It recently announced HTC Vive, a virtual reality headset developed in conjunction with games company Valve.
"We are seeing rapid changes in the industry, with the smartphone as our personal hub connecting us to a growing world of smart devices," new CEO Cher Wang said in a statement. "We pioneered the smartphone industry; now we are applying that thinking to realise the potential of a new generation of connected products and services. The overwhelming response that our virtual reality product, HTC Vive, received earlier this month underlines the importance of these new connected technologies for our future."
"As an entrepreneur at heart, I am excited to see so many new opportunities, and I am honoured to accept this opportunity to help shape the next stage of HTC's development," Wang added.
A statement released by HTC explaining Chou's move says that "over the last two years, Ms. Wang had been increasingly involved in the running of various aspects of the business, to allow Mr. Chou to focus on product development... The Board of Directors and executive team agreed that it was now appropriate to formalise that progression."
This is a developing story. Check back for updates.