Reuters is reporting that the company's former head of its Germany business, Xu Ziyang, has been named new CEO. Li Ying was also appointed chief financial officer.
Appointing a new management is apparently part of a settlement between ZTE and the USA authorities; the company committed to shaking up its management.
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 U.S. firms.
Xu, president of ZTE's Telecom Cloud and Core Network product line, has been selected as the new CEO, South China Morning Post reported on Thursday. The US imposed the ban against the Chinese company earlier this year, saying that it failed to comply with punitive measures imposed after allegations of lying about equipment sold to Iran and North Korea.
Under the agreement, it will replace its management, pay $1 billion in fines, and place another $400 million in escrow. 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, and punish responsible executives.
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In addition, according to the report, deputy CTO Wang Xiyu will become CTO, while wireless technology expert Xu Feng will head up the vendor's devices business.
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 Trump administration struck a new deal with the company last month to end the ban in exchange for an additional fine and a drastic management overhaul, among other requirements.
The inside of a ZTE smart phone is pictured in this illustration taken April 17, 2018.