ZTE Makes Progress Toward Resuming Business
ZTE has now replaced four of its top leaders (CEO, CFO, CTO, and head of HR) and its entire board of directors, as required by a tentative deal with the U.S. government. The company has also agreed to pay a $1 billion fine. With these steps complete, the U.S. Commerce Dept. may soon lift the sales ban that has forced the company to suspend all operations since April. In the meantime, the government has granted ZTE a one-month waiver allowing it to resume providing support for its products for the month of July. While ZTE is Chinese company, it is highly dependent on U.S. suppliers — including Qualcomm and Google — which is why the Commerce Dept.'s ban on doing business with U.S. companies has effectively shut down the company. The deal to lift the ban was announced last month, and has President Trump's strong support. In Congress, the Senate version of a pending defense-policy bill would override the Commerce Dept. and keep the sales ban in place. The House version of the bill does not contain that language, a difference that remains to be reconciled.
Nov 30, 2017
LG today announced a handful of changes to its leadership that the company hopes will lead to stronger performance of its mobile phone business. The company named Hwang Jeong-hwan as president and CEO of LG Mobile Communications.
Mar 7, 2017
ZTE today said it has agreed to pay the U.S. government significant financial penalties for exporting technology to Iran in violation of sanctions against the country.
Jun 25, 2018
ZTE has taken the first step toward resuming operations by forking over $1 billion to the U.S. Department of Commerce.
Jun 29, 2018
ZTE is nearly ready to install a new board of directors, a step required by the U.S. Department of Commerce if the company wants to end the ban on U.S.