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Main » ZTE names new CEO, other top execs to comply with US mandate

ZTE names new CEO, other top execs to comply with US mandate

09 July 2018

In April, ZTE was banned from importing phone parts from the US for repeatedly misleading the Commerce Department's Bureau of Industry and Security.

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

Chinese telecoms equipment manufacturer ZTE has announced a new CEO as it looks to get back on track with its U.S. operations. It was forced to shut down operations and has been largely inactive since then. It also permits limited transfer of funds to or from ZTE.

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Shares in the company are down more than 50% since the stock started trading in June after a two-month suspension. Last week, the Shenzhen-based company appointed a new chairman as part of its agreement to clean house and pay a record US$1.4 billion (RM5.66 billion) fine to get back into business. They are the latest additions of Team Disgrace and join three vice presidents and heads of legal, finance and supply chain departments. It also agreed to replace its board, remove all members of its leadership at or above senior vice-president level along with any executives associated with the wrongdoing, within 30 days.

In the letter, which was circulated online on Saturday, Zhang recounted his 18 years at ZTE and said he had no responsibility in ZTE's compliance violations. The 54-year-old Li was formerly deputy director of the Xi'an Microelectronics Technology Institute, a state research organisation, and someone who backed the founding of ZTE decades ago. ZTE has made the $1 billion payment but has yet to deposit the $400 million in escrow, according to sources. Because of the ban, ZTE had ceased all US operations in May.

ZTE names new CEO, other top execs to comply with US mandate