ZTE Gets Temporary Reprieve From U.S. Ban Over Iran Sanctions Violations

Xu Ziyang, ZTE's former managing director for Europe, has been appointed ZTE's new CEO, with the company also announcing a new CTO, CFO and head of human resources. As part of its settlement agreement reached in June with US authorities, ZTE had promised to radically overhaul its management.

The new leadership comes less than a week after ZTE's board of directors resigned and shareholders voted to install a new eight-person board.

ZTE declined to comment on the matter.

The reprieve from the department's earlier ban on ZTE purchasing equipment from US companies follows a deal negotiated by the White House in which ZTE agreed to pay another $1 billion fines and replace its executive team to settle charges that it violated USA sanctions against Iran and North Korea.

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The new top executives are longtime employees of ZTE.

For now, however, the company appears to be springing back to life, as it rushes to comply with the most recent laundry list of restrictions. The sales ban was imposed in April after the Commerce Department found that the Chinese company violated the terms of a settlement resolving sanctions-dodging sales of telecom gear to Iran and North Korea.

The new authorization from the Commerce Department will be in effect from July 2 to August 1, according to a document obtained by Bloomberg. 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. ZTE was also required to pay a $1 billion penalty to resume business in the US. The Senate recently passed a defense-policy bill containing language that keeps the sales ban in place.

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