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Jia Yueting Resigns Leshi Role As Investor Sunac Pushes For Change
23 May 2017, 11:14 | Cedric Leonard
LeEco's Jia Yueting Resigns As CEO of Its Subsidiary
The cuts to its US business - which sells smartphones, TV sets and TV content - are part of a strategy to rein in overseas operations, trim costs and increase focus on the home market and core online content unit after founder Jia Yueting a year ago said LeEco had grown too fast.
The firm's chief financial officer, Yang Lijie, was also stepping down due to "personal reasons", according to the filing.
It may also continue to invest in Faraday Future, a company backed by LeEco that's attempting to build an electric vehicle, sources said.
Jia is to remain chairman to devise longer-term strategies and oversee a corporate revamp meant to improve transparency - an area in which Jia admitted LeEco has been lacking.
Jia Yueting's move has reportedly been triggered after an investor called for a stronger corporate governance at LeEco.
Succeeding Jia will be Liang Jun, a long-time Lenovo Group Ltd executive who joined Leshi in 2012. The shake-up could also see it cut 70 percent of jobs in its sports-oriented video streaming division, LeSports, and one-third of its United States based workforce over the next few months. Zhang Wei, the company's current China CFO would be replacing Yang soon.
While Yueting will step down from the position of CEO, he will continue to be the chairman.
This only one of a series of struggles that the company is facing now.
"In the future, we hope LeEco is only formed of two parts: the listed businesses and the auto unit", a transcript of an interview with Jia provided by LeEco said.
Jia added that problematic businesses such as ride-sharing unit Yidao Yongche (易到用車網) will bottom out in a year or two, helped by layoffs.
The restructuring comes several months after the group received a much-needed $2.2 billion investment from property developer Sunac China Holdings Ltd.
The company has been trying to expand its package offerings of TVs, smartphones and content, but concerns over management have grown following Taiwanese media reports of payment delays to smartphone parts suppliers.
Leshi's shares remained suspended on the Shenzhen stock exchange on Monday. It reported net income attributed to shareholders of RMB125 million, up 8.76% year-on-year, according to its earnings report.
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