U. S. firms were banned in April from supplying parts to the Chinese Telecom giant after it broke an agreement to discipline executives who conspired to evade U. S. sanctions on Iran and North Korea.
ZTE has appointed a new team of top executives including a CEO to comply with a deal it made with the United States to end a ban on U. S. firms supplying parts to China’s second-biggest telecommunications equipment maker.
ZTE, in an exchange filing on Thursday, named a former head of its Germany business, Xu Ziyang, as its new chief executive.
Wang Xiyu, Gu Junying, Li Ying, have been named executive vice presidents, the filing showed. Li Ying is also appointed as chief financial officer.
ZTE, which relies on U. S. suppliers for core components, had to cease major operations in April after authorities imposed the ban, saying the firm broke an agreement to discipline executives who conspired to evade U. S. sanctions on Iran and North Korea .
As part of the settlement, ZTE agreed to pay a $1 billion fine, put $400 million in escrow, and hire a U.
