UTStarcom Announces New Compensation Plan for its Board of Directors
BEIJING, Aug. 23, 2011 /PRNewswire-Asia-FirstCall/ -- UTStarcom Holdings Corp. ("UTStarcom" or "the Company") (Nasdaq: UTSI) a leading provider of interactive, IP-based network solutions in iDTV, IPTV, Internet TV and Broadband for cable and telecom operators today announced that on August 12, 2011 its Board of Directors ("Board") approved a new compensation plan for its members. The new Board compensation plan will be effective beginning the third quarter of 2011 and results in a reduction of 61% of the total compensation on an annual basis and more than 42% of the cash compensation. For year 2011, the total compensation reduction is 47% and the cash compensation reduction is 21% since the former Board compensation plan was applied for the first two quarters.
Commenting on the new compensation plan, Jack Lu, President and CEO of UTStarcom said, "We appreciate the understanding and cooperation of all of the members of our board of directors. The Board's re-evaluation of its compensation was part of it's continuing commitment to good corporate governance practices after we qualified as a foreign private issuer and also demonstrates it's commitment to the Company's cost cutting efforts and long term goals."
About UTStarcom Holdings Corp.
UTStarcom is a leading provider of interactive, IP-based network solutions in iDTV, IPTV, Internet TV and Broadband for cable and telecom operators. The Company sells its solutions to operators in both emerging and established telecommunications and cable 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, listed on the NASDAQ in 2000, the Company has its operational headquarters in Beijing, China and research and development operations in China and India. For more information about UTStarcom, visit the Company's Web site at http://www.utstar.com.
SOURCE UTStarcom Holdings Corp.
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