PEKING (dpa-AFX) - UTStarcom Holdings Corp. (UTSI) announced that its board of directors appointed Jack Lu, chief executive officer of the company, as chairman of the Board, effective March 31, 2012. Lu will succeed Thomas Toy, who has resigned as a member and chairman of the Board, effective March 31, 2012.
Toy will remain with the Company in an advisory role for a period of six months following the effective date of his resignation.
The company also said that its board appointed Xiaoping Li , an independent director of UTStarcom, as its lead director, and Tianruo Pu , an independent director of UTStarcom, as its chairman of audit committee effective March 31, 2012 to replace Thomas Toy on both roles.
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