US authorities temporarily lift ZTE ban


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.

Having just announced a new board of directors and been given a threadbare lifeline by United States authorities, embattled Chinese vendor ZTE has now appointed a new senior management team, with the vendor's head of telco cloud, Xu Ziyang, handed the CEO role, according to the South China Morning Post.

ZTE has promised to change its top management within 30 days of agreeing a $1.4 billion settlement with USA authorities in June.

Zhao Xianming is no longer company's CEO, ZTE said in a filing Thursday. This became a huge problem since they get a third of their equipment from U.S. suppliers.

The US banned ZTE from buying any American electronics parts after the company violated US trade laws by selling products to US-sanctioned Iran and North Korea, then covering it up and lying about it.

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The raft of new appointments comes less than a week after ZTE replaced its board of directors, fulfilling another part of the deal it made with the US government. The papers from the US Commerce Department's Bureau of Industry and Services will run from July 2 until August 1. It's estimated to have lost billions of dollars in revenue - and the halt to its operations has strained relationships with major customers.

Earlier, ZTE appointed a new board and Xie Daxiong as the new chairman to re-start the telecom business.

Having gained more than 8% Wednesday, following news of the lifting of some trading restrictions by the US, ZTE's share price dipped almost 1.3% in Thursday trading on the Hong Kong Stock Exchange.

The company's deal with the Trump administration has faced resistance from some members of Congress, who want the ban kept in place, citing national security concerns.