ZTE appoints new management to comply with its U.S. deal

The ZTE logo on an office building in Shanghai

The ZTE logo on an office building in Shanghai

A woman stands outside a building of ZTE Beijing research and development center in Beijing, China June 13, 2018. Li Ying was also appointed chief financial officer.

U.S. President Donald Trump negotiated a new deal, replacing the ban with additional fines in what he said was an effort to save the company from that fate. The sales ban was still in effect on Thursday, a person familiar with the matter said, though earlier this week the Commerce Department said it would grant a one-month waiver to some companies to resume doing business with ZTE. The company's installment of new leadership comes just a few days after its previous board of directors resigned. A new CFO, CTO and head of HR have been named, as well, according to The Wall Street Journal.

ZTE, which relies on USA suppliers for core components, had to cease major operations in April after authorities imposed the ban, saying the firm broke an agreement to discipline executives who conspired to evade US sanctions on Iran and North Korea.

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Board members unanimously voted in Xu Ziyang, who was most recently in charge of the firm's wireless-network products, to replace Zhao Xianming, according to a Hong Kong stock exchange filing.

The new top executives are longtime employees of ZTE.

The Journal reported that the swift change indicates ZTE is hurrying to meet requirements laid out by the U.S. Commerce Department as part of a deal to allow the Chinese phone-maker to do business in the United States again. Analysts have also said it would take time for ZTE to rebuild market confidence even after the ban is lifted.

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