×
You will be redirected back to your article in seconds

LeEco Replaces CEO, Readies for Massive Job Cuts

Leshi Internet Information & Technology Corp., the Chinese consumer electronics company better known under its brand name LeEco, has replaced its founding CEO Jia Yueting, Reuters reported Saturday morning. Separate news stories out of China indicate that LeEco may be getting ready for massive job cuts, which could also impact its struggling U.S. operations.

Jia will remain chairman of Leishi, according to Reuters. The CEO post is being taken over by Liang Jun, a former Lenovo executive who has been with the company for five years. As part of the leadership change, LeEco also replaced CFO Yang Lijie with its China CFO Zhang Wei.

And the change at the helm may not be the last we hear about struggles at LeEco. The China Business Journal reported earlier this week that LeEco is preparing for massive job cuts across many of its businesses. Sports-focused LeSports could lay off up to 70 percent of its staff, according to the report. LeEco’s U.S. subsidiary will let go of 30 percent of its staff, according to that report.

Leshi was founded more than a decade ago as a video streaming service in China, and has since expanded to produce and sell TVs and phones. It is just one part of LeEco’s sprawling family of corporate entities, but it has basically been the cash cow to finance other businesses. These include companies focusing on electric cars, sports, a movie studio and an ambitious international expansion.

Last year, LeEco made a big splash to expand into the U.S. The company has since struggled with cash constraints, which also forced it to cancel the planned acquisition of U.S. TV maker Vizio. LeEco has also lost a number of U.S. executives over the past few months, and has struggled to adapt to a retail-focused consumer electronics landscape that’s very different from the company’s home market.

More Digital

  • Netflix Claims 'Fortnite' Is a Bigger

    Netflix Claims 'Fortnite' Is a Bigger Competitor Than HBO

    It may be mostly gamesmanship, but Netflix is saying it’s not really focused on rival streaming-video services from Amazon, Hulu, Disney, WarnerMedia or other big players as much as improving its own service to win share of consumers’ attention. “We compete with (and lose to) ‘Fortnite’ more than HBO,” Netflix told investors in its quarterly [...]

  • Netflix - Apple TV

    Netflix Turns in Record Q4 Subscriber Gains, Price Increase Weighs on U.S. Forecast

    Netflix is beating Wall Street expectations for international subscriber growth — but its recently announced price increase in the U.S. may have put a damper on its momentum in the States. For the fourth quarter of 2018, Netflix reported 1.53 million paid net adds in the U.S. and 7.31 million internationally, to end the year [...]

  • Bird Box

    'Bird Box' Has Been Watched by 80 Million Subscribers, Netflix Says

    Netflix used its Q4 2018 earnings report Thursday to give us a rare update on some of its audience numbers: The company estimates that its horror-thriller “Bird Box” will be viewed by over 80 million member households in the first four weeks following its release. “We are seeing high repeat viewing,” company executives wrote in [...]

  • Crackle Latin America

    Sony Shuts Down Crackle Latin America Business

    Sony Pictures Television is folding the Crackle Latin America subscription VOD service, which has 400,000 subscribers across 17 countries, after concluding the business isn’t economically viable. Crackle Latin America first launched in April 2012 as an ad-supported streaming service — like the U.S. version of Crackle — before switching in 2016 to a subscription video-on-demand [...]

  • Google Home entryway

    NPR Has Turned 'Wait Wait... Don’t Tell Me' Into a Game for Smart Speakers

    NPR has turned its popular “Wait Wait… Don’t Tell Me!” news quiz show into an interactive game for smart speakers: Owners of speakers powered by Google’s Assistant or Amazon Alexa will be able to play along to questions about the news of the week. Just like the radio show, the quiz is being hosted by [...]

  • WARNING: Embargoed for publication until 00:00:01

    BritBox Subscribers Hit Half a Million

    The number of subscribers to BritBox has hit 500,000, the streaming service said Thursday. The platform, launched as a collaboration between BBC Studios and ITV, is designed to offer U.S. and Canadian viewers the best of recent and classic British television content. The streaming service launched in the U.S. in March 2017 with a host of [...]

  • Andy Yeatman - Moonbug

    Andy Yeatman, Former Netflix Head of Kids Content, Lands at Startup Moonbug (EXCLUSIVE)

    Andy Yeatman has joined children’s entertainment startup Moonbug Entertainment to oversee North America operations, after he exited Netflix a little over a year ago. Moonbug, dual-headquartered in London and L.A., has set out on a mission to acquire “fun and safe” kids’ entertainment properties and develop new content and businesses based on them. Yeatman, as head [...]

More From Our Brands

Access exclusive content