UTStarcom Announces Leadership Transition
ALAMEDA, Calif., May 10 /PRNewswire-FirstCall/ -- UTStarcom, Inc.
(Nasdaq: UTSI), today announced that its Chairman and Chief Executive Officer, Hong Lu, notified the Board of Directors of his resignation.
Mr. Lu will
remain as Chairman and CEO of the company until December 31, 2006, focusing on
the Company's strategic opportunities and assisting during the transition. Mr. Lu will remain as a strategic advisor to the company after his formal
departure in December.
Tom Toy, currently an independent director of
UTStarcom, will assume the position of chairman of the board as of January 1,
CEO Hong Lu to Step Down December 31, 2006
Ying Wu, Co-Founder and CEO of China, to Assume Worldwide CEO Responsibilities
Company Continues Search for Global Chief Operating Officer
'I believe that now is the right time for me to pass the company's
leadership to a new management team who will take UTStarcom to the next
and believe that its new leadership and employees will successfully carry the
'Hong's vision drove the company's growth into a multi-billion dollar
provider of IP-based telecom equipment, and become the leader in China's PAS
been successful in expanding the company's presence in such markets as
tremendous contributions and tireless commitment to the company and wish him
the very best in all his future endeavors.'
'Hong has been great leader and a great friend and partner for the last 11
transition smoothly and I truly believe that UTStarcom has a bright future
with a great team of employees.'
Board of Directors since
Telecom, Inc., he was the President of Starcom, Inc. Before founding Starcom,
From 1987 to 1988,
Lucent Technologies). He holds an M.S. in Electrical Engineering from the New
Jersey Institute of Technology and a B.S. in Electrical Engineering from
UTStarcom also announced that it started a search for a Chief Operating
Officer who will be responsible for overseeing UTStarcom's worldwide
operations and supporting its infrastructure enhancement efforts. This
position, based in California, will work closely with the CEO in executing on
the Company's strategy.
About UTStarcom, Inc.
UTStarcom is a global leader in IP-based, end-to-end networking solutions
and international service and support. The company sells its broadband,
wireless, and handset solutions to operators in both emerging and established
telecommunications markets around the world. UTStarcom enables its customers
to rapidly deploy revenue-generating access services using their existing
infrastructure, while providing a migration path to cost-efficient, end-to-end
IP networks. Founded in 1991 and headquartered in Alameda, California, the
company has research and design operations in the
For more information about UTStarcom, visit the company's Web site at
SOURCE UTStarcom, Inc.