ZTE name new CEO in bid to lift US ban

The ZTE logo on an office building in Shanghai

Chinese tech company ZTE has named a new CEO as it tries to deliver on a deal with the USA government that would allow it to get back to business.

The department said it imposed the ban on ZTE because the company breached a 2017 deal in which it agreed to pay a fine for violating sanctions on Iran and North Korea.

The new CEO reportedly is Xu Ziyang, the former head of ZTE's Germany branch.

Probably following the directive of US President Donald Trump several weeks ago, it looks like the US government is giving Chinese tech brand ZTE a little room to breathe.

A spokeswoman for ZTE declined to comment.

The reprieve comes as ZTE announced the departure of a senior executive in a stock-exchange filing, in what appeared to be a move to comply with its agreement to shake up its management. It seems as the company has also named a new chief technology officer, new head of human resources, chief monetary officer and chief expertise officer.

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The U.S. government this week agreed to let ZTE temporarily restart some business activities, including allowing it to provide network maintenance on contracts it signed before the ban.

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 new management appointments come after ZTE last week elected a new board led by 54-year-old Li Zixue as chairman to replace a 14-person board led by Yin Yimin.

This comes after the Commerce Department's Bureau of Industry and Security on Monday granted a waiver to some companies doing business with ZTE from July 2 to August 1.

Another part of the agreement with the current administration requires ZTE to replace its Board of Directors and top executives.

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