ZTE tries to appease US

ZTE tries to appease US

ZTE tries to appease US

Chinese tech company ZTE has tapped a new CEO as it scrambles to fulfill its end of the bargain with the US government.

The department said it imposed the ban on ZTE because the company breached a 2017 deal in which it agreed to pay a fine for violating sanctions on Iran and North Korea.

The company also agreed to pay a $1 billion penalty and put $400 million in an escrow account as part of the deal to resume business with US suppliers, which provide nearly a third of the components used in ZTE's equipment.

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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. Five executives, including Xu Huijun, Zhang Zhenhui, Pang Shengqing, Xiong Hui and Shao Weilin, have been removed from executive vice president posts.

It is not immediately clear whether the eight departures on July 2 were related to ZTE's compliance violation. The manufacturer also reached within the company for its new CFO, CTO, and HR chief.

A ZTE spokesman declined to comment.

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The raft of new appointments comes less than a week after ZTE replaced its board of directors, fulfilling another part of the deal it made with the USA government. ZTE was obliged to discipline executives involved in the scandal but failed to do so.

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.

As part of its efforts to appease U.S. authorities, ZTE has replaced its board and appears to be revamping its senior management line-up.

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Huawei, the world's largest telecom equipment maker, has always been under scrutiny in the United States, seen as a risk because of its alleged links to the Chinese government, which the company has denied.

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