UTStarcom Names CEO

Peter Blackmore named CEO of UTStarcom, effective July 1, 2008

June 9, 2008

2 Min Read

ALAMEDA, Calif. -- UTStarcom, Inc. (NASDAQ:UTSI) , a global leader in IP-based, end-to-end networking solutions and services, announced today that its board of directors has appointed Peter Blackmore as the company's chief executive officer, effective July 1, 2008. Blackmore also will join UTStarcom's board.

The appointment is consistent with UTStarcom's previously disclosed succession strategy. 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.

In addition, UTStarcom disclosed that Thomas Toy, currently chairman of the board, will assume the role of lead director on July 1.

"Since joining UTStarcom in 2007, Peter has been a driving force. Under his leadership, the company undertook a broad strategic review resulting in a new strategy that focuses on the core business areas of multimedia and broadband and specific geographic markets with the best growth opportunities," noted Hong Lu. "He also enhanced internal operations and continues to drive the company toward operational excellence. We've made significant progress against our stated strategy and Peter has gained the respect and admiration of UTStarcom's 5,000 employees around the world as well as that of our key customers and partners. I look forward to continuing to work with Peter and the board in my new role."

In a separate release:

ALAMEDA, Calif. -- UTStarcom, Inc. (NASDAQ:UTSI) , a global leader in IP-based, end-to-end networking solutions and services, today announced that it has reached an agreement to divest its Mobile Solutions Business Unit ("MSBU"). The MSBU, 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 Peter Blackmore, UTStarcom's chief operating officer. "The sale of our Mobile Solutions business marks one step towards achieving that strategic goal."

UTStarcom Inc. (Nasdaq: UTSI)

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