ZTE names new top execs to comply with USA demands

The ZTE logo on an office building in Shanghai

The ZTE logo on an office building in Shanghai

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.

More news: Goleta Devastated by Brush Fire as Record Heat Burns Path of Destruction
More news: Saint charity shocked after India babies 'sold'
More news: British Police Hunt Object That May Have Poisoned Couple With Novichok

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.

Recommended News

  • Willian finally speaks on Barcelona interest

    Willian finally speaks on Barcelona interest

    His performances at the Mundial were also ordinary and he had to be replaced by a far more effective Douglas Costa several times. Chelsea's asking price is proving a problem, with the Blues after a whopping €80m (£70m) for his services.
    U.S. warships pass through Taiwan Strait amid heightened tensions with Beijing

    U.S. warships pass through Taiwan Strait amid heightened tensions with Beijing

    The U.S. continues to sell military weapons to the island nation even though it does not have diplomatic relations with Taiwan. Koh also said the move was unlikely to be a one-off, adding that Beijing would continue to apply pressure on Taipei.
    North Korea says resolve for denuclearisation may falter but Pompeo lauds progress

    North Korea says resolve for denuclearisation may falter but Pompeo lauds progress

    Before this trip, Pompeo said he was hoping to "fill in" some of the details on what North Korea committed to at the summit. The Trump administration has said it would take between 1 and 2 1/2 years to dismantle North Korea's nuclear program.
  • Neymar Breaks His Silence On Brazil’s World Cup Exit

    Neymar Breaks His Silence On Brazil’s World Cup Exit

    EXTRA DEFENSIVE COVER All throughout Belgium had played 3-4-2-1 formation. "Now we need more energy for the semi-final". Neymar looking anguished during Brazil's World Cup quarter-finals match against Belgium. "The feeling is bitter".
    Three Lions Is Officially Number 1 In The UK

    Three Lions Is Officially Number 1 In The UK

    The likes of Frank Lampard, John Terry, Steven Gerrard and Wayne Rooney all suffered from the weight of expectation. England football manager Gareth Southgate has likened striker Harry Kane to England rugby legend Jonny Wilkinson.
    Brazil says Danilo out of World Cup with ankle injury

    Brazil says Danilo out of World Cup with ankle injury

    With time rapidly running out, Coutinho wasted another wonderful chance to equalise, after excellent work on the left by Neymar. Under their current coach Tite , Brazil have played 25 global matches, during which they have conceded just six goals.
  • Trump still pondering Supreme Court pick as big reveal nears

    Trump still pondering Supreme Court pick as big reveal nears

    Add Donald Trump as an interest to stay up to date on the latest Donald Trump news, video, and analysis from ABC News. Leo said that it was impossible to predict the positions of any of the leading candidates for the seat on abortion.
    German, NATO officials wary of Trump-Putin summit

    German, NATO officials wary of Trump-Putin summit

    During a rally in Montana on Thursday, Trump mocked critics of his approach and preparation for the summit with Putin. Poland, for instance, has put forth a proposal for the U.S.to build permanent military bases.
    Carlisle parties in the street after England wins on penalties

    Carlisle parties in the street after England wins on penalties

    France take on Uruguay, Belgium play Brazil and hosts Russian Federation face Croatia in the other three quarter finals. England will take on Sweden at the Samara Arena, in Samara, at 3pm tomorrow in the World Cup quarter final.
  • Zuckerberg is world's third-richest

    Zuckerberg is world's third-richest

    Zuckerberg has pledged to give away 99 percent of his Facebook stock away in his lifetime, his Bloomberg profile shows. Zuckerberg's net worth increased to $81.6 billion on Friday, Bloomberg reported , after Facebook shares went up 2.4%.
    David Beckham and Zlatan Ibrahimovic place wager before World Cup clash

    David Beckham and Zlatan Ibrahimovic place wager before World Cup clash

    There is very little to choose between the two countries historically and another tight game is expected in Samara on Saturday. The iconic striker is no longer part of the worldwide set-up after hanging up his boots two years ago after Euro 2016.
    Nathan's Hot Dog Eating Contest: Joey Chestnut Sets New Record

    Nathan's Hot Dog Eating Contest: Joey Chestnut Sets New Record

    On the women's side, Miki Sudo won her fifth straight title, beating Michelle Lesco and Juliet Lee by gulping down 37 hot dogs. The competitive eater , a San Jose resident, will defend his Nathan's title at Coney Island on Wednesday, the Fourth of July.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.