Struggling Taiwanese mobile company, HTC, has replaced chief Peter Chou with co-founder and chairperson Cher Wang.
The transition had been a long time coming as Chou began handing Wang some of his responsibilities in 2013. However at the time, HTC claimed the switch was temporary.
“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," said Wang, who will retain her role as chairperson.
The phone company reported a sharp decline in its profits last year, earning less than half of projected figures.