ZTE names new top execs to comply with USA demands

ZTE replaces its top executives and board to comply with Trump administration deal

ZTE replaces its top executives and board to comply with Trump administration deal

ZTE named Xu Ziyang as its new chief executive, according to a statement.

ZTE has been fighting for its survival since April, when it was banned from sourcing vital US components by the US Dept. of Commerce in after the Chinese vendor was found to have breached penalties imposed for sanctions violations. Last week, the Shenzhen-based company appointed a new chairman as part of its agreement to clean house and pay a record US$1.4 billion (RM5.66 billion) fine to get back into business.

ZTE said in exchange filings late on July 3 that Xu Weiyan, a shareholders' representative supervisor in the company's supervisory committee, has resigned due to personal commitments and no longer holds any position in the company.

For those who came in late, ZTE was banned for trading with Iran and then not being apologetic enough afterwards by disciplining the executives who conspired to evade U.S. sanctions.

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As part of the agreement, the Commerce Department will impose a $1 billion penalty against ZTE, and a USA -selected compliance team will be embedded in the firm for 10 years.

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. The 54-year-old Li was formerly deputy director of the Xi'an Microelectronics Technology Institute, a state research organisation, and someone who backed the founding of ZTE decades ago.

Zhang, who was one of five executive vice presidents at ZTE and in charge of sales and marketing, issued a farewell letter to staff on Friday, employees said.

New CEO Xu was most recently president of ZTE's telco cloud and core networks product line, according to past media reports. It seems as the company has also named a new chief technology officer, new head of human resources, chief monetary officer and chief expertise officer.

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