ZTE appoints new management to comply with its USA deal

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Chinese telecom equipment maker ZTE Corp has appointed a new team of top executives, including a CEO, to comply with a deal it made with the United States to end a USA components supply ban.

But in return, the Chinese tech firm had to pay a $1 billion fine, put $400 million in escrow in case of future violations, allow a us compliance team to be embedded at the company, and change its board of directors and executive team within 30 days. 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 addition, ZTE has removed five executives including Xu Huijun, Zhang Zhenhui, Pang Shengqing, Xiong Hui and Shao Weilin from executive vice presidents posts.

ZTE didn't immediately respond to a request for comment.

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

ZTE is overhauling its complete management as part of the deal it had with the US.

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It managed to avoid a 7-year supplier ban after reaching a settlement agreement with the United States in March 2017 that included a $1.2 billion fine. ZTE was obliged to discipline executives involved in the scandal but failed to do so.

ZTE will terminate employment contracts with former senior management, including executive vice presidents and senior vice presidents, by Thursday.

An insider source told Reuters a memo was sent out on July 3 announcing the removal of seven other executives, without providing a reason. Trump then said he would work with Chinese...

The Commerce Department's new ZTE authorization is meant to only give China's second largest smartphone manufacturer the ability to provide support for current customers as well as make and receive payments involving current company contracts.

Huawei, the world's largest telecom equipment maker, has always been under scrutiny in the United States, seen as a risk because of its alleged links to the Chinese government, which the company has denied.

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