ZTE Corporation announced today that in order to improve corporate governance and distinguish between the role of chairman and president, Mr. Zhao Xianming, chairman and president of ZTE Corporation, resigned from the board of directors and resigned from his post as chairman of the seventh board of directors. Mr. Zhao Xianming continued to serve as executive director and president of the company. The 14th meeting of the 7th Board of Directors held on that day reviewed and approved the “Proposal on Election of the Chairman of the Board†and elected Mr. Yin Yimin as the Chairman of the 7th Board of Directors of the company. The term of office lasted from March 14, 2017 to the expiration of the seventh session of the Board of Directors. Day (ie March 29, 2019).
This change has improved the corporate governance and achieved the distinction between the roles of the chairman and the president and is conducive to the current and future development of the company. Mr. Yin Yimin has been an executive director of ZTE Corporation for 20 years. He has extensive experience in global operations management of the telecommunications industry, has a deep understanding of the TMT industry, and enjoys a wide reputation in the industry. Mr. Yin Yimin has been in charge of core business areas such as product R&D, marketing and mobile phone business. From 2004 to 2010, he served as president of ZTE Corporation. In 2010, Mr. Yin Yimin initiated the establishment of Shenzhen ZTE Venture Capital Fund Management Co., Ltd. Mr. Yin Yimin has served as the chairman of Zhongxing New Communication Equipment Co., Ltd. (the controlling shareholder of ZTE Corporation) since 2015. In October 2016, Mr. Yin Yimin was appointed as the head of the company's consumer business. As an executive director, he also serves as the general manager of the terminal division. Based on the combined personal and professional experience, the Board of Directors believes that Mr. Yin Yimin is the right person for the chairman of the company.
Mr. Zhao Xianming lived up to his expectations and worked hard during his tenure as Chairman and President. He made great efforts for the company's development. The Board of Directors recognized Mr. Zhao Xianming’s performance in 2016 and thanked Mr. Zhao Xianming for his important contribution to the company during his tenure as Chairman.
After this adjustment, the roles of the chairman and the president are realized, and the corporate governance structure will be more perfect, which will benefit the company's current and future development.
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