Chinese telecom equipment manufacturer ZTE Corp, has named a new CEO to comply with its deal with the U.S. to get a supplier ban lifted.
The president of ZTE’s Telecom Cloud and Core Network product line; who previously served as the head of the company’s German Operations Xu Ziyang, has been named the new CEO.
A ZTE spokesman declined to comment.
Other elected officials include Li Ying, the current Vice President of ZTE’s finance department as the new Chief Financial Officer.
The newly elected Executive Director on the new board, Gu Junying, will head the company’s human resource department said the people familiar to the matter who asked not to be named as the information remains confidential.
As part of the settlement agreement reached in June with U.S. authorities, ZTE promised to overhaul its management and it currently is.
The company will terminate employment contracts with former senior management, including a number of Executive Vice Presidents and Senior Vice Presidents by Thursday.
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 U.S. sanctions on Iran and North Korea.