Jia Yueting is stepping down as CEO of Leshi Internet Information & Technology Corp Beijing but will remain as chairman. The firm is part of his business empire known as LeEco.
The company has undergone explosive growth and arguable failure in the past few years under Jia’s leadership. The 44-year-old started out by running a small technology company in his hometown Shanxi in central China for two years, and then headed to Beijing in 2004 to start his dream company LeTV which was perceived as China’s Netflix and later rebranded to LeEco in 2016.
Starting from video streaming, Jia crafted a strategy and built an ecosystem for his empire by expanding the company’s business to developing smartphones, televisions and cars. Fast expansion led to financial problems, and LeEco encountered a cash crunch last year which Jia confessed was a consequence of aggressive growth.
AllChinaTech put together a summary of Jia’s glorious and dim days at LeEco.
Now that Jia has stepped down, the board members have designated former longtime Lenovo executive Liang Jun who joined LeEco in 2012, to take over and serve as CEO. As LeEco’s chairman, Jia will continue to focus on strategic planning and core product innovation.
(Top photo from Sina)