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HTC Chairwoman Cher Wang Replaces Peter Chou as CEO

Chou will remain at the company working on product development.

Asa Mathat

HTC said Friday that Chairwoman Cher Wang is taking over as CEO from the company’s longtime chief, Peter Chou.

Chou will remain at the company as head of its “Future Development Lab,” while Wang, who has been increasingly involved in the company over the past two years, will take over full management responsibility.

“We are seeing rapid changes in the industry, with the smartphone as our personal hub connecting us to a growing world of smart devices,” Wang said in a 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. … 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.”

HTC, once a large player in the global smartphone market, returned to profitability last year but has struggled in recent years amid especially tough competition in the Android phone market, ceding significant ground to Samsung.

The company has also been trying to expand beyond its phone-making roots into new products, such as its Re camera, Vive virtual reality headset and Zoe software.

Here is Wang’s appearance at AsiaD in 2011:

This article originally appeared on Recode.net.