Chinas ZTE names new top executives in step towards US ban lifting

Chinas ZTE names new top executives in step towards US ban lifting

Visitors pass in front of the Chinese telecoms equipment group ZTE Corp booth at the Mobile World Congress in Barcelona, Spain, February 26, 2018.

Having just announced a new board of directors and been given a threadbare lifeline by USA authorities, embattled Chinese vendor ZTE has now appointed a new senior management team, with the vendor's head of telco cloud, Xu Ziyang, handed the CEO role, according to the South China Morning Post.

Wang Xiyu, Gu Junying, Li Ying, have been named executive vice presidents, the report said, citing a regulatory filing.

Chinese tech company ZTE has tapped a new CEO as it scrambles to fulfill its end of the bargain with the USA government.

Bloomberg reported Tuesday that the Trump administration will allow ZTE to temporarily resume some of its business operations amid the rollback of us restrictions on the company. The statement confirmed a notice issued by BIS earlier this week. In April, President Trump announced a ban on ZTE buying components from U.S. companies, for allegedly reneging on some conditions of a previous settlement related to illegal sales to Iran and North Korea.


ZTE has already paid a $1 billion fine, and has agreed to place $400 million in escrow to cover any future misdeeds by the Chinese manufacturer.

As part of the deal to lift the supplier ban, ZTE had agreed to remove all members of its leadership at or above the senior vice president level, along with any executives associated with the wrongdoing within 30 days. Xu, a former managing director of ZTE in Germany, has been with the company since 1998. The South China Morning Post report is as yet unconfirmed, but identifies Xu Ziyang, now president of ZTE's Telecom Cloud and Core Network product line, as chief executive.

The new management appointments come after ZTE last week elected a new board led by 54-year-old Li Zixue as chairman to replace a 14-person board led by Yin Yimin.

Clearly intending to fully comply with the deal, ZTE did a clean sweep of its C-suite positions: chief executive officer, chief technology officer, chief financial officer and other senior managers.

To comply with the USA deal, the company was required to reprimand 35 high-ranked officers, including a total overhaul of the board of directors.

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