ZTE named Xu Ziyang, a 20-year company veteran, to lead the Chinese vendor as it continues to shake-up its leadership in a bid to adhere to terms set by the US government to lift a seven-year import ban.
In a Hong Kong stock exchange filing, ZTE said board members voted unanimously in favour of Xu to take the reins as president, replacing former president Zhao Xianming. Xu was most recently head of the company’s cloud and core network product line.
The appointment of Xu follows the election of a new eight member board at ZTE, including a new chairman, replacing the former board of 14 members. Overhauling its management was one of many terms set by US authroities to lift a seven-year ban on US companies selling components to the vendor, which led to ZTE suspending major parts of its operations. The company is also required to pay up to $1.4 billion in financial penalties.
In the filing, ZTE also named Wang Xiyu, Gu Junying and Li Ying as vice presidents, while Li was also named as its new CFO.
Bloomberg reported ZTE has lost $11 billion in market value following the US fracas, including a $3 billion loss due to suspending its operations.