There appears to be an end to ZTE’s trouble with the United States which has lingered for quite some months now. Shortly after the company was given a temporary approval to resume business needed to maintain existing networks and equipment, the company has today named a new CEO and some other top executive officers in fulfilling part of the conditions that must be met to lifting a crippling U.S. supplier ban.
Though ZTE hasn’t confirmed the new appointments, Reuters reports that the troubled company has named Xu Ziyang, who was until now the company’s Germany former head of business as its new chief executive officer. The company also named a new chief technology officer and a new head of human resources.
This appears to be the final part of the deal, as the company has agreed to pay a $1 billion fine and also put $400 million in an escrow account for a monitoring period of 10 years in order to resume business with US suppliers that provide most components used in their equipment. ZTE’s ordeal follows a supplier ban placed on it by the US commerce dept after it failed to honor an agreement to discipline executives who conspired to evade U.S. sanctions on Iran and North Korea.