UTStarcom Names Hua Li as New Chief Executive Officer and Announces Changes to Its Board of Directors

Rhea-AI Summary

UTStarcom has appointed Mr. Hua Li as the new CEO effective June 16, 2021, following Dr. Zhaochen Huang's resignation. Mr. Li brings nearly eight years of experience, having previously served as General Manager of Hangzhou Yi Yi Tai Di Information Technology. Additionally, Mr. Ning Shan has been appointed as Chairman of the Board. He has over 30 years of experience in telecommunications. Dr. Huang will remain on the Board of Directors. The management transition aims to strengthen UTStarcom's strategic goals and growth.

Positive

• Appointment of Hua Li as new CEO may bring fresh leadership and perspectives.
• Ning Shan as Chairman of the Board could enhance strategic direction with his extensive experience.

Negative

• Dr. Zhaochen Huang's resignation raises concerns about leadership continuity.

HANGZHOU, China, May 24, 2021 (GLOBE NEWSWIRE) -- UTStarcom (“UT” or the “Company”) (NASDAQ: UTSI), a global telecommunications infrastructure provider, today named Mr. Hua Li as the Company’s new Chief Executive Officer, effective June 16, 2021 and announced changes to the Board of Directors, effective May 19, 2021.

New Chief Executive Officer 

Mr. Li, a TDI nominee, brings nearly eight years of business and management experience to the Company. He previously served as the General Manager of Hangzhou Yi Yi Tai Di Information Technology Co., Ltd. Prior to that, Mr. Li served as the Deputy General Manager of Jiangsu Tongding Broadband Co., Ltd. Earlier, he served as Beijing office director of Jiangsu Tongding Optoelectronic Co., Ltd. He was awarded the senior engineer qualification by Zhejiang Software Industry Association in 2021. Mr. Li obtained a diploma of Communication Technology from the University of Electronic Science and Technology of China through Online education in 2017.

“I am honored to work with our talented team to build on our technology leadership. Today is a new starting point, a new challenge and a new opportunity for me. I look forward to leading UTStarcom and accomplishing our goals for 2021 and beyond,” said Mr. Li.

Dr. Zhaochen Huang will vacate the position of Chief Executive Officer on June 15, 2021. Dr. Huang served as the Chief Executive Officer and a member of the Company’s Board of Directors since January 1, 2021 and the Acting Chief Executive Officer since March 2020. Dr. Huang will continue to serve as a member of UTStarcom’s Board of Directors.

Board of Directors Changes

Mr. Ning Shan, a TDI nominee, was appointed as the Chairman of the Board and a non-independent director of the Company, effective May 19, 2021.

Mr. Shan brings more than 30 years of experience in Telecommunication and Engineering Industries. He has held senior management positions in various entities, including Beijing Design Institute of Ministry of Post and Telecommunication, Design Institute of CMCC Group, Datang Telecom Technology Industry Group. Before joining UTStarcom, he served as Vice Chairman of Hangzhou Yi Yi Tai Di Information Technology Co., Ltd. Mr. Shan received a bachelor’s degree in Telecommunications Engineering from Changchun College of Telecommunication (Jilin University) in 1984. He received an MBA degree in Information Communication Management from Norwegian BI and Fudan University in 2004 and received an EMBA degree from HEC Paris in 2007.

“I am excited to join UTStarcom. It is an honor to be appointed to the board of directors and serve as Chairman of the Board. I appreciate this opportunity very much,” said Mr. Shan. “I look forward to working alongside the board and senior management team to execute on our business strategies and further explore business opportunities.”

Mr. Yongqing Yan resigned from the positions of Chairman of the Board and Director, which he had held since September 2019. Mr. Yan will be a consultant to UT through August 31st to support a smooth transition.

About UTStarcom Holdings Corp.

UTStarcom is committed to helping network operators offer their customers the most innovative, reliable and cost-effective communication services. UTStarcom offers high performance advanced equipment optimized for the most rapidly growing network functions, such as mobile backhaul, metro aggregation and broadband access. UTStarcom has operations and customers around the world, with a special focus on Japan and India. UTStarcom was founded in 1991 and listed its shares on the Nasdaq Market in 2000 (symbol: UTSI). For more information about UTStarcom, please visit http://www.utstar.com.

For investor and media inquiries, please contact:

UTStarcom Holdings Corp.
Tel: +86 571 8192 8888
Ms. Ning Jiang, Investor Relations
Email: utsi-ir@utstar.com /  njiang@utstar.com

In the United States:

The Blueshirt Group
Mr. Ralph Fong
Tel: +1 (415) 489-2195
Email: ralph@blueshirtgroup.com

FAQ

Who is the new CEO of UTStarcom?

Mr. Hua Li has been appointed as the new CEO of UTStarcom, effective June 16, 2021.

What are Mr. Hua Li's qualifications?

Mr. Hua Li brings nearly eight years of management experience and has previously held significant positions at various technology firms.

Why did Dr. Zhaochen Huang resign?

Dr. Zhaochen Huang is resigning as CEO but will continue to serve on the Board of Directors.

Who is the new Chairman of the Board at UTStarcom?

Mr. Ning Shan has been appointed as the Chairman of the Board, effective May 19, 2021.

What impact might Mr. Hua Li's appointment have on UTSI stock?

Mr. Li's leadership could positively influence UTSI stock by providing fresh perspectives and strategies for growth.