Economy

ZTE appoints new CEO

ZTE appoints new CEO”

The raft of new appointments comes less than a week after ZTE replaced its board of directors, fulfilling another part of the deal it made with the US government.

Here's the deal: In early June, the U.S. Commerce Department said it would lift a supplier ban on ZTE that could have put the company out of business.

US authorities are allowing China's ZTE Corp.to resume some business with American companies, temporarily easing a ban imposed over the telecom giant's export of sensitive technology to Iran and North Korea.

The US had imposed sanctions on ZTE for illegal sales to Iran and North Korea but the Chinese company agreed to take corrective action.

ZTE has appointed Xu Ziyang as its chief executive officer (CEO) as part of its commitment to the USA to change top team in order continue in the telecom business, Wall Street Journal reported on Thursday. Xu, a former managing director of ZTE in Germany, has been with the company since 1998. Li Ying will also serve as chief financial officer.

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

The revival of ZTE comes as China and the US continue to spar over larger trade issues, raising concerns of a looming global trade war. It has 90 days to fulfill its other obligations.

The authorization from the U.S. Commerce Department's Bureau of Industry and Services runs from July 2 until August 1.

As ZTE scrambles to meet all the demands, its business continues to suffer.

The appointment was announced in a Hong Kong Stock Exchange filing.

The company's deal with the Trump administration has faced resistance from some members of Congress, who want the ban kept in place, citing national security concerns.



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