HTC is undergoing major reshuffle in its management team and it is resulting with the stepping down of Chairwoman and co-founder Cher Wang.

The Taiwanese Electronics and phones maker announced the management changes on Friday. In a press release, the company said Cher Wang, Chairman and co-founder of HTC is now acting as CEO, effective immediately. Chou will take a “strategic” position in product development as the leader of HTC’s Future Development Lab.

Over the past two years, Chou has focused his attention on product development, while handing over more of his chief executive responsibilities to Wang. The company says that both the board of directors and executive team decided now was the time to formalize and finalize the changes in corporate position.

Wang commented:

“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 new HTC CEO also said she is “an entrepreneur at heart,” and potentially this will assist her in shaping HTC’s future evolution as a business. In an interview, Wang told Bloombergthat she is “the best candidate,” as she knows both the company and people working within, and therefore suggested the move herself.

Under Chou’s resign, HTC has risen and fallen in the global smartphone market — churning out devices such as the HTC One which sold well, but also suffering at the hands of cheaper rivals including Xiaomi. The company has seen stagnant sales figures over the past three years, a pattern only disrupted in Q4 thanks to strong sales over the holiday season. HTC reported sales growth of 11 percent quarter-on-quarter, a rise which has not happened since 2011.

However, management has remained an issue in HTC’s realm — as at least seven senior executives quit the field under the former CEO. It remains to be seen whether Wang can right the ship and push the company forward.