Wang, co-founder of HTC and the current chairman, is regarded as one of the most influential women in technology and now steps up to the role replacing Peter Chou.
Wang's public profile has been increasing over the past few years as she has taken over various aspects of directing the company through tough times.
In a statement to the press, HTC confirmed that the board of directors felt the time was right to formally reflect this change, setting the company up for future development.
HTC's leadership has been questioned at times over the past few years. Following a meteoric rise under Chou, the company struggled to maintain momentum. For many, Cher Wang's increasing influence has been a reflection of the need for solid leadership at the top.
"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.
"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."
Chou has been a colourful character as the head of HTC and moves to become the head of HTC Future Development Lab.
Under Chou's leadership, HTC has moved from white label OEM handset manufacturer to a big player in the mobile technology.