Peter Chou is out as CEO of HTC, and chairperson Cher Wang is his replacement. Chou will "transition to a strategic new role leading future product innovation" as head of HTC's Future Development Lab. Wang co-founded HTC in 1997, and in 2013 Chou handed her more of his CEO responsibilities in what was said to be a temporary move. She will also retain her chairperson position. "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 said in a statement.

Wang takes the reins at a period of transition for HTC: its last two flagship smartphones have failed to sell well despite general acclaim, the upcoming One M9 is an evolutionary change, and the company has started to diversify with devices like the unusual Re camera and the Vive VR headset in development with 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," reads Wang's statement. "We pioneered the smartphone industry; now we are applying that thinking to realize the potential of a new generation of connected products and services."