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July 05, 2018

ZTE names new CEO, other top executives to comply with U.S. mandate: WSJ

ZTE names new CEO, other top executives to comply with U.S. mandate: WSJ
A woman stands outside a building of ZTE Beijing research and development center in Beijing

China's embattled ZTE (HK:0763) Corp (SZ:000063) has named a set of new top executives, including CEO and CFO, to comply with its deal with the United States to get a supplier ban lifted, the Wall Street Journal reported on Thursday.

The maker of smartphones and networking gear named the former head of its Germany business, Xu Ziyang, as its new chief executive officer, the Journal said, citing a person familiar with the matter.

ZTE declined to comment on the matter.

On Tuesday, ZTE announced the departure of a senior executive, while a source who saw an internal memo told Reuters seven others were removed. As part of its settlement agreement reached in June with U.S. authorities, ZTE had promised to radically overhaul its management.

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

ZTE was forced to cease major operations in April after the United States slapped it with a supplier ban, saying it broke an agreement to discipline executives who conspired to evade U.S. sanctions on Iran and North Korea.

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