ZTE names new CEO, top executives to comply with US mandate

The ZTE logo on an office building in Shanghai

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.

Xu Ziyang, former head of ZTE's business in Germany, is the company's new CEO, according to an unnamed source cited by The Wall Street Journal.

Chinese telecommunications company ZTE has reportedly named a new chief executive and other leaders as it seeks to comply with USA -imposed requirements to get back in business in the country.

The leadership changes are another indication that Shenzhen-based ZTE is racing to meet the terms of its lifesaving deal with the U.S. The deal faces a wave of opposition in Congress.

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

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ZTE declined to comment on the matter. The ban was announced back in April, after the company failed to appropriately punish top employees over Iran/North Korean trade violations. ZTE was also required to pay a $1 billion penalty to resume business in the US.

The reprieve from the department's earlier ban on ZTE purchasing equipment from USA companies follows a deal negotiated by the White House in which ZTE agreed to pay another $1 billion fines and replace its executive team to settle charges that it violated US sanctions against Iran and North Korea.

On Friday, ZTE said it had received authorization from the U.S. Commerce Department's Bureau of Industry and Services (BIS) to conduct certain business from July 2 until Aug 1.

The department's decision to grant a reprieve for ZTE has touched off a bipartisan revolt in Congress.

The Trump administration is already easing some restrictions on ZTE.

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