China-based telecom network equipment maker ZTE announced the resignation of the existing board and top management team, and the formation of a new board under chairman Li Zixue.

ZTE has elected Li and Gu Junying as executive directors, Li Buqing, Zhu Weimin and Fang Rong as non-executive directors and Cai Manli, Yuming Bao and Gordon Ng as independent non-executive directors.

The old board and senior management, headed by Chairman Yin Yimin, have tendered their resignation on June 29.

ZTE has restructured the top management and removed the board as part of a $1.4 billion deal with the United States. The United States has earlier slapped a seven-year supplier ban on ZTE, after it broke an agreement to discipline executives who conspired to evade U.S. sanctions on Iran and North Korea.

The company, which ceased major business operations after the ban, has agreed to pay a $1 billion penalty and put $400 million in an escrow account as part of the deal to resume business with U.S. suppliers. ZTE relies on US technology companies to source almost a third of the components used in its equipment.

Zhongxingxin, a state-owned entity, has 30.34 percent stake in ZTE.

ZTE said shareholders approved board to apply for 30 billion yuan or $4.54 billion credit line from Bank of China, as well as $6 billion credit line from China Development Bank.