ZTE appoints Xu Ziyang as its CEO, names CTO and CFO

ZTE Axon 7 Mini

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. In April, President Trump announced a ban on ZTE buying components from United States companies, for allegedly reneging on some conditions of a previous settlement related to illegal sales to Iran and North Korea. Part of its settlement agreement is an overhaul of their management, along with a $1 billion penalty and putting $400 million in an escrow account. New chief technology officer Wang Xiyu was formerly a deputy CTO, and new chief financial officer Li Ying was only promoted to vice president earlier this year, according to company insiders.

Li Ying, now a vice-president in the finance department, will take over the role of CFO while Gu Junying, a newly elected executive director on the new board, will head the company's human resources department, according to the people, who asked not to be named as the information remains confidential.

The ban came as a punishment after ZTE in 2017 failed to fire employees who illegally shipped USA equipment to Iran and North Korea.

4-year-old with cerebral palsy celebrates after taking first independent steps
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Some employees Reuters spoke to have expressed concerns about whether a new board and management could settle in smoothly to successfully revive the firm without the help of veterans.

The easing of restrictions did not come soon enough for ZTE's bid to win a contract in Italy to supply wireless equipment to Wind Tre SpA. It has 90 days to fulfill its other obligations. The latest ZTE authorisation by the Commerce Department's Bureau of Industry and Security is valid from July 2 until Aug 1.

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

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