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UTStarcom Hires New CEO, Sells Mobile Business
June 10, 2008 |
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| Category: Wireless
UTStarcom (UTSI) has appointed Peter Blackmore as its CEO and announced it will sell its mobile business.
Blackmore, 61, succeeds Hong Liang Lu, 53, who will become the company's executive chairman of the board. In addition to his role as executive chairman, Lu will focus externally as an ambassador of UTStarcom, with particular emphasis on Asia, and will analyze and recommend new business model and technology strategies to enhance UTStarcom's competitive position. Lu will remain a full-time employee of the company.
UTStarcom's Mobile Solutions Business Unit, which primarily consists of the IPCDMA business, will be acquired by the global private equity firm OpenGate Capital. The new name of the MSBU will be Star Solutions. UTStarcom will retain the PDSN operations and will work with Star Solutions as an OEM provider. The transaction is expected to close in approximately three weeks and financial terms of the transaction were not announced.
"In late 2007, we announced a new strategic focus aimed at maximizing our opportunities in IP-based technologies including IPTV, Next Generation Networks and Broadband," said Blackmore. "The sale of our Mobile Solutions business marks one step towards achieving that strategic goal."
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As an investor how should this affect me? nada. UTSI seems so up and down the last year and needs stability both in mgmt and stock price.