ZTE names new execs in step to lift US ban

ZTE names new execs in step to lift US ban

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 US sanctions on Iran and North Korea.

But in return, the Chinese tech firm had to pay a $1 billion fine, put $400 million in escrow in case of future violations, allow a USA compliance team to be embedded at the company, and change its board of directors and executive team within 30 days.

As part of the deal to lift the supplier ban, ZTE had agreed to remove all members of its leadership at or above the senior vice president level, along with any executives associated with the wrongdoing within 30 days. In addition, ZTE has removed five executives including Xu Huijun, Zhang Zhenhui, Pang Shengqing, Xiong Hui and Shao Weilin from executive vice presidents posts. The manufacturer also reached within the company for its new CFO, CTO, and HR chief.

ZTE didn't immediately respond to a request for comment.

The saga of ZTE's battle with the US authorities drags on, against the backdrop of Chinese-US trade and security tensions. The United States reinstated the ban this April after it said ZTE had failed to punish the executives involved as agreed.

Four of Thailand's cave kids saved, rescue mission continues
An "all-star" team of 18 divers entered the caves this afternoon as the boys and their families were notified of the development. Reuters news agency reported that six boys have been rescued, citing a senior member of the medical team involved in the rescue.

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.

Company insiders told Reuters almost two dozen senior executives left ZTE on Friday.

President Trump then caused a bit of controversy when he signaled that he would intervene on the issue as a favor to Chinese President Xi Jinping.

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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