Jia Yueting Resigns As Chairman of LeEco Few Months After Stepping Down As CEO

by Habeeb Onawole 3

LeEco is facing very difficult times at the moment. Things seem to be getting worse for the Chinese company with respect to its debts.

Jia Yueting; Image Source: macrumors

The latest news is the resignation of Jia Yueting as the Chairman. A few months ago, he had resigned from his position as CEO of Leshi Internet and Technology Corp. A few days ago he also had his assets frozen as they were used as collateral for some loans.

It is important to clarify that Leshi Internet and Technology Corp. is different from Leshi Holding Co.. The former is a public company and the one that Mr. Yueting resigned from as CEO and Chairman. Leshi Holding Co. is the private arm that deals with its phones, TVs, and automobile arms.

LeEco’s woes seems to have started since its failed attempt at entering the American market. Jia Yueting himself had admitted that their expansion plan was too rapid.

READ MORE: One of LeEco’s Service Centers Shut Down in China As Financial Woes Deepens

With respect to phones, we have seen a few devices show up at TENAA and the Le X920 has failed to launch, preferring to show up in leaks.