ZTE Drops More Executives, Gets Temporary Reprieve from US Govt
The US government this week reportedly granted temporary reprieve to China’s ZTE Corp, allowing it to conduct business needed to maintain existing networks and equipment while working to lift the supplier ban that was imposed on it.
Reuters said that the U.S. Commerce Department’s Bureau of Industry and Services authorization runs from July 2 until Aug. 1.
ZTE also revealed in exchange filings last Tuesday that one other senior executive had left. However, a source said that seven other, including the vice presidents of legal, finance and supply chain departments had been removed in a radical overhaul of its management.