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LeEco’s Jia Yueting quits as head of listed unit as business struggles

LiveMint logoLiveMint 22-05-2017 Gao Yuan

Beijing: Jia Yueting, founder of Chinese technology conglomerate LeEco Inc., is stepping down as general manager of it online video service unit Leshi Internet Information & Technology Corp. as multiple business lines of the parent company show signs of weakness.

Jia will remain as chairman of Leshi and focus on company governance, strategic planning and innovation of key products, according to a filing to the Shenzhen stock exchange. Liang Jun, who joined Leshi from Lenovo Group Ltd. over five years ago, will replace Jia as general manager.

Leshi finance director Yang Lijie also stepped down to be replaced by Zhang Wei, the company said in a separate filing. Leshi halted share trading in April, citing pending restructuring plans at the time.

Jia’s LeEco empire has been hit with fund raising difficulties and unpaid bills over the past few months, while seeking to expand multiple businesses include online video, sports broadcasting, smartphones, electric automobiles and online financing. Bloomberg

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