HONG KONG (Reuters) – ZTE Corp (0763.HK) (000063.SZ) has appointed a new team of top executives including a CEO to comply with a deal it made with the United States to end a ban on U.S. firms supplying parts to China’s second-biggest telecommunications equipment maker.
ZTE, in a statement to the stock exchange on Thursday, named a former head of its Germany business, Xu Ziyang, as its new chief executive.
The new management appointments come after ZTE last week elected a new board led by 54-year-old Li Zixue as chairman to replace a 14-person board led by Yin Yimin.
New CEO Xu was most recently president of ZTE’s telco cloud and core networks product line, according to past media reports. New Chief Technology Officer Wang Xiyu was formerly a deputy CTO, and new CFO Li Ying was only promoted to vice president earlier this year, according to company insiders.
Some employees Reuters spoke to have expressed concerns about whether a new board and management could settle in smoothly to successfully revive the firm without the help of veterans. Analysts have also said it would take time for ZTE to rebuild market confidence even after the ban is lifted.
0 comments
Share
