ZTE appointed former president Yin Yimin as chairman following the resignation of predecessor Zhao Xianming, who will remain an executive director and president of the company.

The company said the reshuffle would “enhance corporate governance” and separate the role of chairman from the CEO. Yimin was elected for a two-year term.

In its official filing, the company said: “The Board of the Company would like to express sincere appreciation to Zhao Xianming for the important contributions he has made during his tenure as chairman.”

Zhao was appointed to his dual role of chairman and company president in April 2016 as part of an overhaul of the company’s top management made in the wake of US trade sanctions placed on the company – a long-running issue which was finally resolved earlier this month.

After admitting breaching trade laws, the company agreed to pay almost $1 billion in fines following a settlement with the US Justice, Commerce and Treasury Departments.

Speaking after the deal Zhao said: “We are committed to a new ZTE, compliant, healthy and trustworthy.”