×
You will be redirected back to your article in seconds

Jia Yueting Quits as Chairman of Beleaguered LeEco’s Listed Arm

Chinese Internet tycoon and LeEco founder Jia Yueting has quit as chairman of LeEco’s listed arm amid mounting financial woes for the digital and hardware giant.

Leshi Internet Information & Technology, the listed arm of LeEco, announced Jia’s resignation Thursday evening at the Shenzhen Stock Exchange. The statement said that Jia had stepped down from the chairmanship as well as the board of Leshi, and that he would no longer play a role in the listed company. He remains chairman and CEO of parent group LeEco.

Jia, who has acknowledged overstretching LeEco’s development, pledged to take responsibility in a personal statement posted on social media just hours before the announcement was made.

“LeEco faces great challenges, and I will take on all the responsibility, I will persist in my duties until the end for the sake of our employees, users, customers and investors,” Jia wrote on Weibo, China’s Twitter.

His resignation from Leshi came a day after news spread widely of a Shanghai court freezing more than $180 million in assets belonging to him, his wife, and three LeEco affiliates. The court ruled in favor of China Merchants Bank’s application to have the assets frozen as a result of LeEco’s unpaid loans.

On Tuesday, Leshi announced that the 26.03% stake of the company held by Jia and related parties had been frozen for a three-year period.

In May, Jia stepped down from his position as CEO of Leshi. He has now relinquished the chairmanship of the listed company.

Leshi nominated three candidates to join the board as new independent directors. They include Sun Hongbin, chairman of Sunac China Holdings Ltd., which controls Tianjin Jiarui Huixin, Leshi’s second largest shareholder. Confirmation is pending the Leshi’s July 17 shareholder meeting.

More Biz

  • Woodstock 50 Festival Postpones Ticket On-Sale

    Woodstock 50 Festival Postpones Ticket On-Sale Date

    The troubled Woodstock 50 festival has run into more difficulties, as multiple sources told Variety late Friday that the April 22 on-sale date for the event has been postponed. Agents for artists scheduled to perform at the festival — which include Jay-Z, Dead & Company, Chance the Rapper, Miley Cyrus, Imagine Dragons and Halsey — [...]

  • National Enquirer - Jeff Bezos

    Hudson Media CEO James Cohen Purchases the National Enquirer

    Hudson Media’s CEO James Cohen announced Thursday that he will purchase the National Enquirer as well as American Media’s other tabloids, the Globe and the National Examiner. With the purchase of the National Enquirer, which Cohen reportedly bought for $100 million, he plans to strengthen their collaborative efforts, documentary shows, weekly podcasts, and theme parks. [...]

  • Amazon

    Amazon Music’s Free Tier Is More Advertising Play Than Spotify Killer, Analysts Say

    When news began to spread last week that Amazon Music’s long-anticipated free streaming tier was imminent, headlines emerged about its threat to Spotify and Apple Music, with some stories saying that Spotify’s stock price dropped in response to the news. But not only was today’s launch of the free tier basically a soft one — [...]

  • Nicki MinajCFDA Vogue Fashion Fund Dinner,

    Nicki Minaj Parts Ways With Longtime Managers (EXCLUSIVE)

    Nicki Minaj has parted ways with Gee Roberson and Cortez Bryant and Blueprint/ Maverick Management, a source close to the situation confirms to Variety. She had worked with the pair for the majority of her career. The source says the decision was mutual and amicable, and there was no specific reason for the split, adding [...]

  • Amazon

    Amazon Music Launches Free Streaming Tier, Through Alexa Only (for Now)

    Amazon Music today basically soft-launched its free streaming tier, in which U.S. customers of its Alexa voice assistant will have access to top Amazon Music playlists and thousands of stations, at no cost. The limited access that the new free service provides — it’s only available through Alexa, and when the listener requests a song, [...]

  • Donald Glover and Adidas Launch Short

    Donald Glover and Adidas Launch Partnership With New Shoes and Short Films (Watch)

    Donald Glover and Adidas Originals today announced Donald Glover Presents, a creative partnership that unveiled a new line of shoes and a series of brief — and very funny — films to accompany them. (Watch them below.) Donald Glover Presents reimagines threeAadidas styles, the Nizza, the Continental 80, and the Lacombe. The shoes feature uneven [...]

More From Our Brands

Access exclusive content