Chinese smartphone and telecoms kit manufacturer, ZTE, has replaced one of its most senior executives, according to a Bloomberg report.
Fan Qingfeng has been replaced as company secretary by Tian Dongfang in a move that is believed to be aimed at persuading the American’s to lift the banning order that has decimated ZTE’s supply chain.
Mr Dongfang was already a ZTE non-executive director and currently heads up a Chinese Aerospace think tank.
ZTE is currently banned from doing business with any US firms, as the result of a banning order implemented by the US government last month. As a result, ZTE has been forced to halt production of its smartphones, and looked for some time like it would be forced to file for bankruptcy.
However, US President Donald Trump extended an eleventh-hour olive branch, claiming that he had instructed Congress to sign a new deal with the Chinese firm. The new deal was contingent upon ZTE paying a $1.3 billion fine and making changes to its executive board level. – Total Telecom