UTStarcom executive vice president and chief operating officer, Mike Sophie, is resigning effective May 5, the company announced late Thursday.

In a statement released by the company, CEO Hong Lu thanked Sophie, a seven-year veteran of UTStarcom, for his dedication and "generous spirit," as well as his help in growing the company from a start-up to a multibillion-dollar concern. That statement also said Sophie was resigning "to pursue other opportunities."

Lu will assume Sophie's responsibilities until a successor is named.

UTStarcom has been reeling from revenue shortfalls and accounting investigations for months. The U.S. Securities and Exchange Commission began an inquiry of the company last fall. And in February, the company's directors began their own independent investigation of some prematurely reported revenue from an Indian customer.

When asked today whether Sophie’s resignation was connected in any way to those investigations, a UTStarcom spokesperson would only repeat that Sophie resigned "to pursue other opportunities.”

In November, the equipment vendor announced 500 layoffs along with a third-quarter net loss in excess of $400 million.

Late last month, the company's stock was delisted by the NASDAQ stock exchange when it was unable to file its annual 10-K report in time to meet regulatory filing requirements. The company expects to file its annual report by April 30.