China's ZTE names new CEO as it races to meet United States demands

ZTE Axon 7 Mini

The new CEO reportedly is Xu Ziyang, the former head of ZTE's Germany branch.

ZTE earlier removed its 14-member board of directors and top management to lift a 7-year ban imposed by United States on China's second largest telecom equipment maker on sourcing tech from US-based companies.

New CEO Xu was most recently president of ZTE's telco cloud and core networks product line, according to past media reports.

Wang Xiyu, Gu Junying and Li Ying have been named executive vice presidents, the statement showed.

ZTE had promised to overhaul its management within 30 days of agreeing a $1.4 billion settlement with USA authorities in June, aimed at lifting a seven-year supplier ban.

ZTE's business has effectively been suspended since the order was given in April and it said its future survival was at risk if it could not continue to deal with USA firms.

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Zhang, who was one of five executive vice presidents at ZTE and in charge of sales and marketing, issued a farewell letter to staff on Friday, employees said.

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

The Trump administration on Tuesday temporarily lifted part of a ban it had placed on ZTE, allowing the Chinese telecoms giant to resume some of its business activities while the US Congress continues to consider penalties on the company.

ZTE's major operations were halted in April after it was hit with a supplier ban from the United States, saying it broke an agreement to discipline executives who conspired to evade US sanctions on Iran and North Korea.

On July 3, ZTE also announced the departure of a senior executive via a stock exchange filing. Last week, eight members of the ZTE board resigned and were replaced, with Lie Zixue elected as the new chairman.

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