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ZTE Taps A New CEO As It Scrambles To Fulfill Deal With US Government

The Chinese tech firm also replaced its chief financial officer and named three executive vice presidents.
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ZTE Taps A New CEO As It Scrambles To Fulfill Deal With US Government

Chinese tech company ZTE has tapped a new CEO as it scrambles to fulfill its end of the bargain with the U.S. government. 

The company has also replaced its chief financial officer and named three executive vice presidents. Last week, ZTE replaced its board of directors. 

Here's the deal: In early June, the U.S. Commerce Department said it would lift a supplier ban on ZTE that could have put the company out of business.

But in return, the Chinese tech firm had to pay a $1 billion fine, put $400 million in escrow in case of future violations, allow a U.S. compliance team to be embedded at the company, and change its board of directors and executive team within 30 days. 

The Commerce Department said ZTE paid the $1 billion fine in June. 

This deal is facing criticism from some members of Congress, who cite national security concerns. 

Earlier this week, the U.S. government agreed to let ZTE temporarily resume some of its business operations. That deal ends Aug. 1.

Additional reporting from Newsy affiliate CNN.