Taiwan-based HTC gets new CEO

Taiwan-based electronic company HTC has announced that its Chairperson Cher Wang will replace Peter Chou as its chief executive officer.

Chou will be transitioning to role that sees him lead HTC's Future Development Lab, a new arm of the company that will cook up new ideas like the Flip-style RE camera and a rumored smart watch.

According to San Francisco-based techcrunch.com web site, this change at the top is aimed at reversing the steady decline in revenue over the past few years. HTC is often credited with creating the best Android smart phones on the market, but the company has yet to convert such praise from media into serious sales figures.

HTC, which unveiled its new M9 smart phone and an impressive virtual reality offering at Mobile World Congress last month, pulled in a slim USD 14.7 million profit for its most recent quarter. It also notched its first quarter-on-quarter sales growth since Q3 2011, but that isn't enough to keep Chou in the hot seat, reports Bloomberg News.