ZTE appoints new CEO

The ZTE logo on an office building in Shanghai

The ZTE logo on an office building in Shanghai

The new leadership comes less than a week after ZTE's board of directors resigned and shareholders voted to install a new eight-person board.

ZTE, in a statement to the stock exchange on Thursday, named a former head of its Germany business, Xu Ziyang, as its new chief executive.

ZTE Corp. has replaced its entire executive team as the company scrambles to comply with the conditions of a deal that will allow it to regain access to USA technology.

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

New CEO Xu was most recently president of ZTE's telco cloud and core networks product line, according to past media reports. Mr. Xu didn't immediately respond to a request for comment, and a ZTE spokeswoman declined to comment. To comply with the USA deal, the company was required to reprimand 35 high-ranked officers, including a total overhaul of the board of directors. The ban was announced back in April, after the company failed to appropriately punish top employees over Iran/North Korean trade violations. A bipartisan push in Congress to reinstitute the ban began in Congress last month.

The Trump administration is already easing some restrictions on ZTE. The Chinese company also agreed to pay a steep fine for violating sanctions on exports to Iran and North Korea, then lying about it.

The new authorization from the Commerce Department will be in effect from July 2 to August 1, according to a document obtained by Bloomberg.

ZTE's business has been effectively frozen since the sales ban took effect, and it has racked up billions of dollars in losses.

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