UTStarcom Announces Executive Management Changes
ALAMEDA, Calif., Aug. 28 /PRNewswire-FirstCall/ -- UTStarcom, Inc.
(Nasdaq: UTSI) today announced changes to its leadership team. Chief
Financial Officer (CFO) and executive vice president
Fran Barton is retiring
effective August 31st. Barton is also vacating his seat on the UTStarcom
board of directors with the same effective date. In acknowledging his
retirement, the Company thanked Mr. Barton for his service and contributions
as its CFO.
Chief Financial Officer and Executive Vice President Fran Barton Retires; Senior Vice President, International Sales and Marketing David King Resigns; Craig Samuel Joins as Senior Vice President, Business Strategy and Innovation
accounting officer, will serve as Interim CFO until the Company appoints a
permanent CFO. Patel has served in his current role since
Prior to joining UTStarcom, he was vice president of finance for Celera Group
and Nektar Therapeutics and was CFO at Avanti Corporation (later acquired by
Synopsys) from 1999-2002.
marketing, has resigned from the Company. King's resignation is effective
senior vice president, business strategy and innovation. In this visionary
role, Samuel will lead company-wide product portfolio alignment and business
development strategy. Prior to joining UTStarcom, Craig was worldwide VP of
business innovation at Unisys Corporation, where he championed the development
and application of innovation both inside Unisys and with Unisys customers.
Previously, Samuel was Chief Knowledge Officer (CKO) for Compaq and HP
Services (HPS) and was a member of the HP CTO Office.
'I want to welcome Craig to the team and I look forward to the strong
strategic contributions he will bring,' said
president of UTStarcom. 'Also, I'm confident that Viraj's expertise will
result in a seamless transition to the Interim CFO role. We have demonstrated
progress on our strategic plan, divested non-core businesses, realigned our
cost base and streamlined our internal processes. Now, as we focus our
efforts on growth for the remainder of 2008 and beyond, we must align our
executive resources to continue driving the company forward.'
This press release contains forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended, regarding UTStarcom's future
strategy, including statements regarding the company's focus on growth for the
remainder of 2008 and beyond, expectations regarding the future roles and
contributions of UTStarcom officers, timing for the appointment of new
officers and the ability of officers to transition to their new positions.
These statements are forward-looking in nature and subject to risks and
uncertainties that may cause actual results to differ materially. These risks
include the ability of UTStarcom to attract, hire and retain qualified
personnel, including senior managers, and the ability of the company to
realize anticipated results of its strategic plan, the divestitures of
non-core businesses, its realigned cost base and internal process
improvements, as well as risk factors identified in its latest Quarterly
Reports on Form 10-Q as filed with the Securities and Exchange Commission.
About UTStarcom, Inc.
UTStarcom is a global leader in IP-based, end-to-end networking solutions
and international service and support. The company sells its broadband, IPTV,
NGN and handset solutions to operators in both emerging and established
telecommunications markets around the world. UTStarcom enables its customers
to rapidly deploy revenue-generating access services using their existing
infrastructure, while providing a migration path to cost-efficient, end-to-end
IP networks. Founded in 1991 and headquartered in
company has research and development operations in
company's Web site at http://www.utstar.com.
SOURCE UTStarcom, Inc.