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LeEco Founder Steps Away from CEO Role

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May 22, 2017, 7:25 AM   by Eric M. Zeman

Jia Yueting, who founded China's LeEco, is cutting back on his responsibilities in order to help the company better focus on products. Specifically, Jia has stepped down as the CEO of Leshi, LeEco's main business unit. He remains the chairman and CEO of LeEco. Leshi is the part of the company that provides internet and video services in China. It is the core of the firm. LeEco later spread to TVs, smartphones, electric cars, and other connected products. These businesses sapped LeEco's finances and caused a cash crunch that eventually saw LeEco scale back its expansion plans. Former Lenovo executive Liang Jun will take Jia's place at the helm of Leshi. At the same time, Leshi's CFO, Yang Linjie, will be replaced by Zhang Wei. Jia gave the change a positive spin, suggesting that he'll be able to provide the proper amount of guidance to the business units he now governs. LeEco sold several phones directly to U.S. consumers online, including Le Pro3.

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