It’s no secret that HTC isn’t doing so hot in the financial department. The company ran in the red from Q2 2015 to Q1 2016, hemorrhaging $148 million over the course of the year. HTC has long been in need of strong financial leadership with Chialin Chang doing the best he could while temporarily filling the role. Now with the new CFO stepping in, Chang can return to running sales. And who is this newcomer? Peter Shen, formerly of Inotera Memories and HP.

Shen has a lot on his plate coming into this new position, which has the additional role of Spokesperson. The company is struggling on the stock exchange, and smartphone sales are flagging. The HTC 10 hasn’t proven to be the game changer that the company may have hoped for, and although the Vive VR headset is an incredible piece of technology, making something awesome and making something profitable are sadly two very different things. HTC’s strategy involves launching a series of innovative flagship smartphones and leaning hard on a line of wearables.

See also: The 10 didn’t ignite HTC’s sales in May126

Will HTC be able to turn around their current trajectory? This remains to be seen, and much of their success would seem to hinge on VR and wearables successfully becoming a large part of the mainstream market. With 2016 well under way as the year that virtual reality makes its way to the public spotlight, it’s possible that there’s hope for the company. Nevertheless, Shen and the other executives of HTC will have a lot of work to do in the coming months.

What are your thoughts regarding HTC’s current financial state and their new Chief Financial Officer? Let us know in the comments below!

Next: HTC Vive now shipping in 2-3 days for new orders, more in-store demos too!