ZTE fills executive ranks with new management, picks replacement CEO

Share
ZTE fills executive ranks with new management, picks replacement CEO

ZTE, which relies on USA suppliers for core components, had to cease major operations in April after the US government imposed the ban, saying the firm broke an agreement to discipline executives who conspired to evade US sanctions on Iran and North Korea.

The U.S. Commerce Department is allowing China's ZTE to partially resume business operations while regulators mull over whether its seven-year ban should be lifted.

After being hit by American sanctions, Chinese multinational telecommunications equipment and systems giant ZTE has roped in Xu Ziyang, an in-house executive with experience in product research and operations, to serve as its new CEO. A ZTE spokesperson declined to comment.

The company also named a new chief technology officer and a new head of human resources, the WSJ said.

ZTE had promised to overhaul its management within 30 days of agreeing a $1.4 billion settlement with US authorities in June, aimed at lifting a seven-year supplier ban.

The company will terminate employment contracts with former senior management, including a number of Executive Vice Presidents and Senior Vice Presidents by Thursday.

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.

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.

If you still need a bit of a background, ZTE was given a supplier ban, meaning they could not conduct business with any United States company.

Another part of the agreement with the current administration requires ZTE to replace its Board of Directors and top executives.

Share

Advertisement

Related Posts

Man who asked black woman for ID at pool loses his job
We sincerely regret that an incident occurred yesterday at our community pool that left neighbors feeling racially profiled. Edwards demands an apology from Adam, who has a hard time acknowledging the woman and leaves the pool with his family.

Two US destroyers sail into Taiwan Strait: Taiwan gov't
Koh also said the move was unlikely to be a one-off, adding that Beijing would continue to apply pressure on Taipei. Against the backdrop of tense cross-strait relations and U.S. -Sino relations strained by trade issues, the U.S.

Six boys rescued from flooded Thai cave
The acting Chiang Rai governor told reporters " today is D-Day " with 13 foreigner and five Thai divers taking part in the rescue. The rescue operation to retrieve 12 schoolboys and their football coach trapped deep underground in a Thai cave is underway.

Business hiring forges ahead in June, with 213,000 jobs added
Over the past three months, the economy has produced a robust average monthly job gain of 211,000. Economists expect inflation will hover around its target because of labor market tightness.

Death toll rises to 34 in Canadian heat wave
Environment Canada lifted heat warnings Friday, despite expectations that temperatures will once again rise early next week. A heat wave in Quebec has killed almost three dozen, some reports said, as high summer temperatures scorched eastern Canada.

USA payrolls rise 213,000; wage gains slow, unemployment up
USA employers added a higher-than-expected 213,000 jobs last month, extending the USA economy's long-running growth streak. It also boosted the US stock indexes, which are expected to reap weekly gains on Friday after 14 days of losses.

Insider attack kills US service member in Afghanistan
The last insider attack that resulted in a US casualty occurred in June 2017, according to NATO Resolute Support officials. The Taliban said in a statement that a member of the Afghan security forces opened fire on us troops in Uruzgan Province.

England vs. Sweden final score, recap
He produced another fine display in the Three Lions' 2-0 win over Sweden and has certainly impressed his club boss at Liverpool. We were faced with a good team , England were the best team today. "I can't speak highly enough of the whole squad", he said.

De Bruyne and Belgium defeat France as England beat Croatia
If they continue to play the way they did against the Swedes, it is possible that the Three Lions may roar their way to the final. Croatia's fans celebrate after the World Cup Quarter Final match Russian Federation vs Croatia, in Zagreb, Croatia, July 7, 018.

Wimbledon 2018: Roger Federer continues flawless start at SW19
Meanwhile, 13th seed Julia Goerges, Donna Vekic, Ekaterina Makarova, Camila Giorgi all progressed to the fourth round. Anderson earlier became the first man through to the fourth round after beating Philipp Kohlschreiber 6-3 7-5 7-5.

© 2015 ExpressNewsline. All Rights reserved.