UTStarcom Announces Independent Director and New Audit Committee Chairman
UTStarcom Holdings (NASDAQ: UTSI) today announced the appointment of Mr. Sean Shao as an independent director to UTStarcom's Board of Directors, effective October 25, 2012.
With Mr. Shao's appointment, UTStarcom's Board of Directors will consist of seven directors, including five independent directors. Mr. Shao will serve on the Company's Audit Committee, increasing the number of members to three, and will replace Mr. Robert Pu as Chairman of the Audit Committee. This is a position vacated by Mr. Pu when he assumed the role of UTStarcom's Chief Financial Officer on October 12, 2012. Mr. Shao will also serve on the Company's Nominating and Corporate Governance and Compensation Committees.
Mr. Shao is a highly qualified and experienced financial executive, having served as an independent director as well as the chief financial officer of several US-listed companies. With respect to his director experience, he currently serves on the boards of Xueda Education Group, AsiaInfo-Linkage, and Agria Corporation, among others. He holds important leadership positions, including Chairman of the Audit Committee and Chairman of the Compensation Committee.
With respect to his executive experience, from