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LeEco Founder Jia Yueting Steps Down as CEO Amidst Massive Corporate Overhaul

LeEco Founder Jia Yueting Steps Down as CEO Amidst Massive Corporate Overhaul

Beijing-based Leshi internet Information & Technology said on Sunday that its founder and chief executive, Jia Yueting will step down, although he will remain as chairman of the internet streaming service.

Last month, LeEco abandoned its plan to acquire United States TV maker Vizio Inc for $2 billion, citing regulatory hurdles.

Amidst cash crunch and massive job cuts at LeEco, its founder Jia Yueting has made a decision to step down from being the CEO of its video division. Jia will remain as the chairman of Leshi and the CEO of the broader LeEco group.

In November, the LeEco group of companies headed by Jia was plagued by news of a cash crunch after he wrote an internal letter saying the company had expanded too quickly and sunk over 10 billion yuan into its ambitious electric, driverless auto business.

While Yueting will step down from the position of CEO, he will continue to be the chairman.

Liang Jun, former Lenovo executive who joined Leshi as an executive in 2012, will replace Jia as CEO of the company.




LeEco encountered a cash crunch a year ago that Jia said was the result of that aggressive growth, with the company subsequently seeking billions of U.S. dollars in new funding, cutting staff and abandoning a deal to acquire USA television maker Vizio.

Jia said in the letter his personal focus over the past two years on LeEco's non-listed businesses, which include consumer electronics and cars, had dragged down Leshi's development.

A clear distinction with two different chief executives running the listed and unlisted businesses could boost confidence in the long term, according to Zhang.

Sunac said the management change is not an attempt to take more control of Leshi, considered one of the healthiest assets among LeEco's expansive business empire.

Sunac founder and chairman Sun Hongbin stated at the company's annual general meeting on Monday that he remains optimistic about LeEco's television and film businesses, and emphasised that Sunac will not be investing in LeEco's vehicle unit. The previous year it made a 70 million yuan profit.


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