Just after his assets were frozen, and two months after resigning as CEO, LeEco chairman Jia Yueting has resigned from his position at the financially troubled and publicly traded half of the company. This latest news is almost assuredly connected to LeEco's ongoing financial problems. There is no word yet on how this might affect the privately owned phone manufacturing arm of the company.
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Jia Yueting, former LeEco CEO and founder of the company, is voluntarily replacing himself as CEO from the publicly traded arm of the LeEco conglomerate, to be succeeded by former Lenovo executive Liang Jun. Over the last 6 months, LeEco has been in the news quite a lot, seemingly going from crisis to crisis after its entrance into the US market. Perhaps this latest move will be able to help LeEco regain its footing. However, Jia Yueting will still maintain control of the private branch of the company that US consumers would be more familiar with as the manufacturer of the LeMobile phones.
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LeEco can't seem to catch a break. Last month, its CEO Jia Yueting sent out a memo days after the company's US launch claiming it was over-extended and suffering from "big company disease," which seemed a clear euphemism for incoming job cuts. A month later, and things aren't any better.
The Wall Street Journal is reporting that the publicly-traded arm of LeEco, known as Leshi, had seen its stock tank earlier this week. Reports from Chinese media claim that an 8% drop on Tuesday triggered margin calls by Jia's lenders, meaning he will either be forced to sell some of his Leshi company stock or provide his margin accounts fresh funds.
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