ZTE taps in-house executive as new CEO

ZTE, which relies on US 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 USA sanctions on Iran and North Korea.

About one-third of the components ZTE uses are US-made, and the company is on the verge of shutting down, after paying fines but declining to remove its head officials.

In addition, according to the report, deputy CTO Wang Xiyu will become CTO, while wireless technology expert Xu Feng will head up the vendor's devices business. Li Ying will also serve as chief financial officer.

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.

A spokeswoman for ZTE declined to comment.

ZTE will terminate employment contracts with former senior management, including executive vice presidents and senior vice presidents, by Thursday.

U.S. President Donald Trump negotiated a new deal, replacing the ban with additional fines in what he said was an effort to save the company from that fate.

ZTE names new board to meet USA mandate.

ZTE has suffered huge losses from a shutdown of its operations in the wake of the USA ban.

The Commerce Department's new ZTE authorization is meant to only give China's second largest smartphone manufacturer the ability to provide support for current customers as well as make and receive payments involving current company contracts. Last week, eight members of the ZTE board resigned and were replaced, with Lie Zixue elected as the new chairman.

If you still need a bit of a background, ZTE was given a supplier ban, meaning they could not conduct business with any U.S. company.

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