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Cher Wang. Photo via HTC.

HTC has a new leader.

HTC's Peter Chou unveils the  flagship One M8.
Former HTC CEO Peter Chou.

The phone maker today named chairman and co-founder Cher Wang as its new CEO. Peter Chou, who co-founded HTC with Wang in 1997 and was CEO since 2005, will lead a new HTC Future Development Lab.

“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.”

The shakeup comes as HTC struggles to keep up with its competition in the smartphone industry. The company has seen a drastic drop in revenue and losses over the past few years and has experienced an exodus of senior leaders and employees, including dozens of layoffs at its HTC Americas division based in the Seattle area.

HTC's new virtual reality headset.
HTC’s new virtual reality headset.

However, HTC still remains relevant. Earlier this month, the company unveiled a new One M9 flagship smartphone that debuts in April, announced a partnership with Valve for a virtual reality headset, and showed off a new fitness band called the HTC Grip that was developed with Under Armour.

In 2013, reports began surfacing that Wang was stepping into a more active role with the company. In an interview with Fortune last year, Wang detailed how she was taking on more responsibility with marketing, building relationships with wireless carriers that carry HTC devices, and lifting morale among employees.

HTC just barely stayed profitable in 2014, with net profits of $15.8 million. The Taiwanese company, which operates its North American headquarters in the Seattle area, in January posted its first quarterly revenue growth in more than three years.

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