ZTE Corp. named Xu Ziyang as its chief executive as part of management changes and a comprehensive overhaul which would allow it to return to the market in the United States, major media outlets reported on Thursday, quoting unnamed sources. The apparent new head of the Chinese telecommunications heavyweight used to run operations in Germany. The company based in Shenzhen is said to have also appointed Li Ying, finance vice president, to be the chief financial officer.
New board member Gu Junying will reportedly be at the helm of human resources. The move comes after Li Zixue became chairman last week, when representatives of shareholders named eight new directors in a bid to end sanctions.
The US Department of Commerce allowed this week a one-month waiver to some entities doing business with ZTE.
