UTStarcom Names Hua Li As CEO, Ning Shan As Chairman

UTStarcom Holdings Corp UTSI has named Hua Li as the CEO effective June 16.
Li succeeds Dr. Zhaochen Huang, who will depart as the CEO on June 15. Huang will continue as a board member.
LI previously served as the GM of Hangzhou Yi Yi Tai Di Information Technology Co., Ltd.
TDI nominee Ning Shan was appointed as the Chairman of the board and a non-independent director effective May 19.
Shan succeeded Yongqing Yan, who resigned as the Chairman and director. Yan will serve as a consultant till August 31 to support a smooth transition.
Price action: UTSI shares closed lower by 3.79% at $1.27 on Friday.