ZTE name new CEO in bid to lift US ban

09 July, 2018, 03:48 | Author: Regina Silva
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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.

Visitors pass in front of the Chinese telecoms equipment group ZTE Corp booth at the Mobile World Congress in Barcelona, Spain, February 26, 2018.

The Wall Street Journal reported Thursday that Xu Ziyang, who previously oversaw ZTE's business in Germany, will serve as CEO.

ZTE has named Wang Xiyu (CTO), Gu Junying and Li Ying (CFO) as executive vice presidents.

ZTE Corp, the Chinese telecoms giant hit by United States sanctions, has tapped an in-house executive with experience in product research and operations to serve as new CEO as it endeavors to get back on track as quickly as possible after receiving the green light from U.S. authorities to resume business for one month.

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Who lost jobs at ZTE? The statement confirmed a notice issued by BIS earlier this week.

ZTE, which relies on U.S. suppliers for core components, had to cease major operations in April after authorities imposed the ban, saying the firm broke an agreement to discipline executives who conspired to evade USA sanctions on Iran and North Korea. The South China Morning Post report is as yet unconfirmed, but identifies Xu Ziyang, now president of ZTE's Telecom Cloud and Core Network product line, as chief executive. Last week, eight members of the ZTE board resigned and were replaced, with Lie Zixue elected as the new chairman.

New CEO Xu was most recently president of ZTE's telco cloud and core networks product line, according to past media reports.

Clearly intending to fully comply with the deal, ZTE did a clean sweep of its C-suite positions: chief executive officer, chief technology officer, chief financial officer and other senior managers.

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