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LeEco's Jia Yueting Resigns As CEO of Its Subsidiary

LeEco's Jia Yueting Resigns As CEO of Its Subsidiary

Jia Yueting will no longer serve as chief executive of Leshi Internet Information & Technology Corp Beijing.

Zhang Yi, chief executive of Guangdong-based consultancy iiMedia Research, believes that Jia's stepping down as Leshi's chief executive is likely a move to appease shareholders, but maintains that it could be positive for Leshi in the long run. Replacing Yang as Leshi's CFO is Zhang Wei, who is now the streaming service's China CFO. Jia will be replaced by Liang Jun, who joined LeShi in 2012 after a stint as an executive at Lenovo Group.

LeEco recently raised nearly $2.2 billion from new investors including Tianjin Jiarui Huixin Corporate Management Company and Sunac China Holdings, but another major backer made a decision to cut its losses.

"Leshi should focus on what they're strong at, which is their core business in content. Videos and entertainment is now one of the major industries in China, and less resources should be invested towards businesses such as driverless cars", Fok said, adding that LeEco's auto business requires major financial investment and should only be a focus when there is a strong technology partner. "There is no such thing as a fight for control", Liu Shuqing, a Sunac-appointed director on the board of Leshi, said at Leshi's press briefing on Sunday, according to a transcript seen by Reuters.

"Over the past two years, I've focused most of my energies on the non-public parts of LeEco... and to a degree, this has slowed the development of LeShi Holdings", Jia said in a letter to staff. As the chairman, he will focus on matters of corporate governance, strategic planning, and core product innovation. China Bridge Capital sold more than 60 million shares of Leshi in the first quarter of 2017 as its founder Edward Zeng called for LeEco to find a new CEO and strengthen its management.

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.

The once upcoming Chinese internet giant has been entangled into a cash crunch a year ago due to overstretched expansion strategies that span almost every hot verticals from video, smartphone, smart TV, and cloud computing to electronic cars.

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