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UTStarcom Chief Out

Hong Lu has had enough.

UTStarcom's (UTSI) - Get Report chairman and chief executive and acting COO, Hong Lu, is calling it quits.

The Alameda, Calif., wireless tech shop says Lu will stay on until the end of the year, when co-founder Ying Wu will take the top job. Independent director Tom Toy will take over the chairman position on Jan. 1.

"I believe that now is the right time for me to pass the company's leadership to a new management team who will take UTStarcom to the next stage," Lu said in a press release.

Last month, COO Mike Sophie said he would quit. He left the company last week. Sophie's departure followed the launch of an accounting investigation in February. The company said last month that it is reviewing $22 million in revenue booked between 2003 and 2005.

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UTStarcom's shares fell 25 cents in regular trading, and dropped another 2 cents in the after-hours session to $7.24.