comscore LeEco CEO Jia Yueting steps down amid financial troubles
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LeEco CEO Jia Yueting steps down amid financial troubles

The move comes shortly after the company backed out of $2 billion acquisition deal with Vizio

jiayuetingleeco

A struggling LeEco is set to see a new round of changes as the company s CEO Jia Yueting has stepped down from his post. He will be replaced by former Lenovo executive Liang Jun. Even as the company claims the move is part of a new focus, Jia Yueting will be now focusing on product innovation and strategic planning. According to Reuters, Jia will continue to be the chairman of the company. Also Read - Struggling LeEco plans smartphone with 18:9 aspect ratio

Also Read - LeEco plans smartphone with 18:9 aspect ratio: Report

While LeEco will hope to turn things around the new leadership, things in last past few months haven t looked good for the Chinese tech giant. It all started with the company s own admission that it was running out of cash and needed some drastic measures to bring things back on track. Interestingly, the company at the moment was perceived on course for major global expansion. While the company had then forayed into India, it was laying the foundation for its expansion to the US. ALSO READ: LeEco s co-founder reveals that not all is well at the swashbuckling Chinese company Also Read - Gionee India operations may be affected amidst financial woes

The impact, however, was quite immediate. The company laid off several employees from its India team that included exit of a few top executives. In March this year, the company was rumored to have plans to exit the Indian market as well, but LeEco however rejected the rumors stating India continues to be a top priority market.

Contrary to reports in certain sections of the media, LeEco also has a healthy product pipeline for India this year. In fact, the company is gearing up for the launch of its next generation TV scheduled the coming week. Premium models of smartphones too are to follow. LeEco television and smartphone business continues in India and has gained significant market recognition. All this certainly does not signal a company in wind-up mode, said the company in a statement. ALSO READ: LeEco denies India exit rumors, to soon launch new smartphones and TVs

A former LeEco employee had told BGR India, The company was on a hiring spree till October last year then just a month before things nose-dived. There was nothing really planned. The chaos started around November when the global news broke.

Despite LeEco s claims, the company s presence, in terms of new products, has continued to be scant. Meanwhile, in the US, the company s ambitious plans have suffered a jolt as well. The company was supposed to invest $2 billion for the acquisition of a California-based company called Vizio. LeEco, not surprisingly, backed out from the deal. Also, there s no update on the company s ambitious plans to set up a $3 billion car manufacturing plant.

According to reports, the company is now gearing up for another round of major job cuts across its various verticals. The company s sports vertical LeSports will see lay off up to 70 percent of its employees whereas the US subsidiary is rumored to sack about 30 percent of its total strength.

For the latest tech news across the world, latest PC and Mobile games, tips & tricks, top-notch gadget reviews of most exciting releases follow BGR India’s Facebook, Twitter, subscribe our YouTube Channel. Also follow us on  Facebook Messenger for latest updates.
  • Published Date: May 22, 2017 11:26 AM IST



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