Economy

New executives named at ZTE to comply with U.S. request

New executives named at ZTE to comply with U.S. request

ZTE, which relies on United States 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 USA sanctions on Iran and North Korea.

Bloomberg reported Tuesday that the Trump administration will allow ZTE to temporarily resume some of its business operations amid the rollback of usa restrictions on the company.

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

ZTE declined to comment on the matter.

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

ZTE, in a statement to the stock exchange on Thursday, named a former head of its Germany business, Xu Ziyang, as its new chief executive.

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US authorities are allowing China's ZTE Corp.to resume some business with American companies, temporarily easing a ban imposed over the telecom giant's export of sensitive technology to Iran and North Korea. Previously, Xu served as the CEO of ZTE's German operation, at a time when the Chinese company signed a five year service contract with German telecoms operator E-Plus, displacing the previous provider Alcatel-Lucent.

Earlier, ZTE appointed a new board and Xie Daxiong as the new chairman to re-start the telecom business.

Under the temporary authorisation, the company is allowed receive shipments from its American suppliers, according to a notice published on the Bureau of Industry and Security website on Tuesday.

The Wall Street Journal reported that the move follows the resignation of ZTE's board of directors last week.

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