ZTE fills executive ranks with new management, picks replacement CEO

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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.

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