Benzinga | May 24, 2021 07:38AM EDT

UTStarcom Names Hua Li As CEO, Ning Shan As Chairman

* UTStarcom Holdings Corp (NASDAQ: 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.