ZTE Names new CEO, Other Top Executives

China’s embattled ZTE Corp has named a set of new top executives, including CEO and CFO, to comply with its deal with the United States to get a supplier ban lifted, the Wall Street Journal reported on Thursday.

The maker of smartphones and networking gear named the former head of its Germany business, Xu Ziyang, as its new chief executive officer, the Journal said, citing a person familiar with the matter.

ZTE declined to comment on the matter.

On Tuesday, ZTE announced the departure of a senior executive, while a source who saw an internal memo told Reuters seven others were removed. As part of its settlement agreement reached in June with US authorities, ZTE had promised to radically overhaul its management.

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

ZTE was forced to cease major operations in April after the United States slapped it with a supplier ban, saying it broke an agreement to discipline executives who conspired to evade US sanctions on Iran and North Korea. – Business Standard