Tuesday, 23 October, 2018

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

The ZTE logo on an office building in Shanghai The ZTE logo on an office building in Shanghai
Priscilla Morrison | 09 July, 2018, 03:46

ZTE lost the deal because it is barred from buying United States technology, and Ericsson AB won the €600 million (RM2.82 billion) contract instead, people with knowledge of the matter said, asking not to be identified because it has not been announced.

A departing senior executive at China's ZTE Corp (000063.SZ)(0763.HK), which is fighting a crippling USA supplier ban, said in a letter to staff on Friday that his departure amid a Sino-US trade war was "deeply humiliating".

Shares in the company are down more than 50% since the stock started trading in June after a two-month suspension.

ZTE has promised to change its top management within 30 days of agreeing a $1.4 billion settlement with US authorities in June.

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ZTE has already paid a $1 billion fine, and has agreed to place $400 million in escrow to cover any future misdeeds by the Chinese manufacturer. 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. They are the latest additions of Team Disgrace and join three vice presidents and heads of legal, finance and supply chain departments. It also agreed to replace its board, remove all members of its leadership at or above senior vice president level along with any executives associated with the wrongdoing, and punish responsible executives.

It is not immediately clear whether the eight departures on July 2 were related to ZTE's compliance violation.

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, Reuters noted. Because of the ban, ZTE had ceased all USA operations in May.

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