Tuesday, March 14, 2017

ZTE Names New Chairman

Mr. Zhao Xianming, Chairman and President of ZTE Corporation has stepped down from the office of Chairman of the Board of Directors.  Mr. Yin Yimin has been appointed to serve as ZTE's new Chairman for a two-year term.

Mr. Zhao Xianming will continue to serve as Executive Director and President of the Company.

ZTE said the changes were not made because of any disagreements but simply to separate the roles of Chairman and CEO to improve corporate governance.


ZTE to Plead Guilty and Pay $1.19 Billion to U.S. Government

In the case involving the shipment of U.S.-origin technology to Iran during the period of economic sanctions, ZTE Corporation agreed to enter a guilty plea and to pay a $430,488,798 penalty to the U.S. ZTE simultaneously reached settlement agreements with the U.S. Department of Commerce’s Bureau of Industry and Security (BIS) and the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC). In total ZTE has agreed to pay the U.S....