HTC chairwoman Cher Wang has replaced Peter Chou as chief executive at the Taiwanese phone maker.

Chou, whose focus recently turned to product development, will transition to a strategic new role leading future product innovation.

"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."

In 1997, Wang co-founded HTC Corp., initially struggled through the smartphone revolution, only recently finding its footing with the HTC One lineup. The company has recently been expanding into other product areas.

Last month, the company teamed up with Under Armour to integrate UA Record fitness software into future HTC wearables. And it unveiled the new HTC Vive virtual reality headset at Barcelona's Mobile World Congress.

"The overwhelming response that our virtual reality product … received earlier this month underlines the importance of these new connected technologies for our future," Wang said.

As CEO, Wang will take the reins from Chou, who, as Bloomberg noted, presided over HTC's expansion of its smartphone business, settled a patent dispute with Apple, and guided the acquisition and later sale of Beats Electronics.

But he was also at the helm as the company's stock prices fell and market share shrank, and watched as seven senior executives—including four chief marketing officers—left the company, Bloomberg said.

"The last two years have been very challenging for HTC, and HTC is getting much better," Wang told the news site, adding that an executive shakeup a year ago would not have been right.

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