ZTE names new top execs to comply with US demands
The phone manufacturer really wants to do business in the US again.
ZTE names new board to meet US mandate.
ZTE has appointed new executives in an effort to get out from under the ban on buying American supplies, according to The Wall Street Journal.
The new CEO reportedly is Xu Ziyang, the former head of ZTE's Germany branch. The company has also named a new CFO, CTO and head of human resources.
This comes after the Commerce Department's Bureau of Industry and Security on Monday granted a waiver to some companies doing business with ZTE from July 2 to Aug. 1. The company was also expected to be in compliance with US demands by Aug. 1.
The Chinese phone manufacturer has been banned from purchasing American products for seven years, which threatened to put it out of business. The ban came as a punishment after ZTE in 2017 failed to fire employees who illegally shipped US equipment to Iran and North Korea.
President Trump pushed to remove the ban on ZTE in June, but some members of Congress are working to keep the ban in place. ZTE was also required to pay a $1 billion penalty to resume business in the US.
ZTE didn't immediately respond to a request for comment.
