UTStarcom (UTSI) announced that its Chairman and Chief Executive Officer, Hong Lu, notified the Board of Directors of his resignation.
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. 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, 2007.
"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 stage," stated Hong Lu. "I have great confidence in the company's prospects and believe that its new leadership and employees will successfully carry the business forward."
Ying Wu, CEO of China, will assume the CEO position as of January 1, 2007. Wu has been UTStarcom's Executive Vice-President and Vice Chairman of the Board of Directors since October 1995.
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.