HTC Co-Founder Wang Replaces Chief Executive Chou

HTC chairwoman Cher Wang, who co-founded the device maker 18 years ago with Peter Chou and H.T. Cho, has taken over the company’s chief executive slot from Chou as the vendor scuffles to gain equilibrium amid a three-year revenue losing streak and top management turmoil.

Chou, who guided HTC to the top ranks of smartphone makers in 2011, presided over the sale of its $300 million interest in Beats Electronics for $415 million and the settlement of of legal troubles with Apple (AAPL), will transition to head the HTC Development Lab.

“I don’t really think a year ago would have been the right time” to replace Chou, Wang told Bloomberg. “I know the company, I know the people, and I have the vision. I think I am the best candidate. I suggested it.”

Wang returned to HTC in a more active role about a year ago amid turmoil in its top management as HTC lost two more key executives in Ben Ho, HTC chief marketing officer (CMO), and Fred Liu, president of Engineering and Operations.

HTC has struggled to find a lasting market executive and messaging that resonates with customers, and has cut marketing spending in response to its lagging financial performance. In January, the device maker recorded its first quarter of revenue growth in three years with a new lineup of mid-priced gear.

Chou, who was elevated to HTC president some 10 years ago, struggled with management turnover during his tenure, as a number of top-level executives exited, mostly from the company’s chief marketing position.

In 2008, HTC was the first smartphone maker to build a device based on Google’s Android operating system.

Smartphone makers Lenovo, Huawei and Xiaomi have sprinted past HTC to hold three of the top five worldwide shipment positions behind Apple and Samsung, according to IDC’s figures for Q4 2014.