HTC is shaking things up at the executive level, as it just changed CEOs by appointing Cher Wang to replace Peter Chou.

Cher Wang, so far HTC Chairwoman and co-founder, is now the company's new acting CEO effective immediately, while now-former CEO Peter Chou will take a "strategic" position in product development from now on, leading the company's 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. 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 overwhelming response that our virtual reality product, HTC Vive, received earlier this month underlines the importance of these new connected technologies for our future," said Cher Wang, Chairman and CEO, HTC, in a new press release on Friday, March 20. "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."

This change has been expected for some time now, as Wang has been taking an increasing number of responsibilities over the last couple of years in order to allow Chou to focus more of his efforts on product development. The time has now come to make the reshuffle formal, and both the HTC board of directors and the executive team agreed that now is the perfect moment to make the change and the official announcement.

The press release further highlights Chou's involvement in product development, demonstrating "world-class design and cutting-edge technology expertise." The new management reshuffle aims to maximize everyone's potential and contribution to the success of the company.

"In his time as CEO, Peter Chou oversaw the successful transition of HTC from a handheld device ODM to a global branded company. In his new executive role as Head of HTC Future Development Lab, Mr. Chou will be instrumental in identifying future growth opportunities for the Company," HTC adds.

It remains to be seen how HTC will evolve under the new leadership with Cher Wang as CEO and Peter Chou leading the HTC Future Development Lab.