Декабря 11, 2017


Jia Yueting Resigns Leshi Role As Investor Sunac Pushes For Change

23 Мая 2017, 11:14 | Cedric Leonard

Jia Yueting Resigns Leshi Role As Investor Sunac Pushes For Change

Jia Yueting co-founder and head of Le Holdings Co Ltd poses for

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.

Читайте также: How Trump's planned visit to the Western Wall spurred controversy

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.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2017 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог



Other News

Trending Now

Expansion of ban on larger electronics on airlines likely
The number of flights from Europe to the U.S. is running up to 350 a day with over 60 million passengers. An official who followed the talks said the ban was "off the table" for now.

Military solution to North Korea would be 'tragic on unbelievable scale': Mattis
It's not yet clear how this change will affect the size and scope of US troop deployments to Iraq and Syria. Mattis and Dunford said ISIS has lost 55 percent of its territory, none of which it has regained.

Paging James Comey: Some congressional Russian Federation investigators struggle to reach Federal Bureau of Investigation director
Jason Chaffetz, R-Utah, says in a tweet that Mueller was a great selection with "impeccable credentials". Members of the Senate Judiciary Committee also planned to ask Comey to testify, The Hill reported .

US extends 'temporary protected status' to Haitians until January
And, they said, there is no way the country can absorb the return of 58,000 people who have protected status. TPS holders were just in the right place at the right time, and in effect won the lottery.

Harden, James top All-NBA team; George, Hayward shut out
All those awards will be announced in NY on June 26, and complete voting results will be released at that time. In his return year, he put up an astounding per contest average of 29 points, 11.2 assists, and 8.1 rebounds.

Times Square driver told cops he wanted to 'kill them all'
He pleaded guilty to an infraction in 2015 and was ordered to complete a drunken-driving program and lost his license for 90 days. Smoke was coming out of the car's hood and the vehicle was slightly overturned on a barrier at a sidewalk in Times Square.

Galaxy C10 leaks, Samsung's first dual-camera smartphone
One thing Samsung compromised on to do this is by placing the Galaxy S8's fingerprint scanner on the back much to users' dismay. Earlier this month, there were rumors that a Samsung Galaxy C series smartphone will get dual-camera setup before the Note8.

Major League Baseball investigates Blue Jays' Kevin Pillar over apparent homophobic slur
X-rays taken at SunTrust Park were inconclusive, so Freeman was to undergo an MRI and other tests on Thursday. Again, no one really fought, but O'Flaherty did not mince his words about Bautista's gesture.

Ransomware attack hit more than 100000 organizations, says Interpol
Or we could potentially see copycats mimic the delivery or exploit method they used". Better still, set the system to automatically do this on your behalf.

Ecuador 'did its duty' by giving Assange asylum, Correa says
He said he has suffered a "terrible injustice", without ever being charged with a crime. "The European arrest warrant against Mr. Friday was the deadline for the Swedish public prosecutor's office to either renew the pan-European arrest warrant or lift it.