China-based infrastructure manufacturer ZTE has ousted long-time President and CEO Yin Yimin in favor of Executive Vice President Shi Lirong.
Yimin, who joined ZTE in 2004, will continue to hold a seat on ZTE’s board of directors.
The company’s executive shuffle comes amid rumors that Yimin would resign at the end of March due to ZTE’s struggle to compete with rival China-based infrastructure company Huawei.
Lirong joined ZTE in 2001 and also will continue to hold his seat on the board of directors.
In a statement, ZTE said the company’s new management will “further explore the changes in the global telecommunications marketplace” and change its business strategies to meet customer demand. The company also wants to expand its global reach.
Lirong’s appointment came amid the election of three new board members: Hou Weigui was elected as chairman, with Lei Fanpei and Xie Weiliang as vice chairmen.
The company said its current financial director, executive vice presidents and senior vice presidents would retain their posts.