To comply with US mandate, ZTE names new CEO, other top executives

To comply with US mandate, ZTE names new CEO, other top executives

The latest ZTE authorisation by the Commerce Department's Bureau of Industry and Security is valid from July 2 until Aug 1.

NEW YORK/HONG KONG-China's embattled ZTE has received a temporary reprieve from the US government to conduct business needed to maintain existing networks and equipment.

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. It was forced to shut down operations and has been largely inactive since then. The company has also named a new CFO, CTO and head of human resources. 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.

The company also agreed to pay a $1 billion penalty and put $400 million in an escrow account as part of the deal to resume business with US suppliers, which provide nearly a third of the components used in ZTE's equipment.

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Company insiders told Reuters almost two dozen senior executives left ZTE on Friday. They included vice presidents Wang Keyou, Xie Jiepeng, and Ma Jie, who were in charge of the legal, finance, and supply chain departments, respectively.

In the letter, which was circulated online on Saturday, Zhang recounted his 18 years at ZTE and said he had no responsibility in ZTE's compliance violations. Last week, eight members of the ZTE board resigned and were replaced, with Lie Zixue elected as the new chairman.

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. ZTE has made the $1 billion payment but has yet to deposit the $400 million in escrow, according to sources. The company told the outlet that it will be in compliance with USA demands by the end of this period.

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