ZTE names new CEO

ZTE replaces its top executives and board to comply with Trump administration deal

USA 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. The US imposed the ban against the Chinese company earlier this year, saying that it failed to comply with punitive measures imposed after allegations of lying about equipment sold to Iran and North Korea.

The Wall Street Journal reported Thursday that Xu Ziyang, who previously oversaw ZTE's business in Germany, will serve as CEO. New Chief Technology Officer Wang Xiyu was formerly a deputy CTO, and new CFO Li Ying was only promoted to vice president earlier this year, according to company insiders.

In recent days, several people have also seen Xu, who is normally stationed in the company's Nanjing operation, at ZTE's main campus in Shenzhen.

A spokeswoman for ZTE declined to comment.

ZTE said in exchange filings late on July 3 that Xu Weiyan, a shareholders' representative supervisor in the company's supervisory committee, has resigned due to personal commitments and no longer holds any position in the company.

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ZTE names new board to meet USA mandate.

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 company, which is headquartered in China's southern city of Shenzhen, suspended most operations after it was banned in April from buying USA technology and warned that the ban would put it out of business.

Some employees Reuters spoke to have expressed concerns about whether a new board and management could settle in smoothly to successfully revive the firm without the help of veterans.

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