ZTE To Dump Senior Execs
The board of Chinese telecoms-equipment maker ZTE who recently cut back on their Australian headcount will meet this week to replace three of its most senior executives, including the CEO. This is part of ZTE’s attempt to rebuild its reputation after being accused of violating US trade rules.
ChannelNews understands that the Australian consumer channel operation will be managed from overseas by fly in fly out executives.
CEO Shi Lirong and VPs Tian Wenguo and Qiu Weizhao, will step down. Current CTO Zhao Xianming is expected to become CEO and chairman.
The board is expected to approve the management changes today, along with ZTE’s 2015 financial results which were delayed by US sanctions imposed by the US Commerce Department last month, alleging ZTE had violated rules by exporting American technological goods to Iran and other nations.
US authorities agreed to temporarily remove the sanctions after ZTE removes those involved in the alleged violation from management roles.