×

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

  • Department of Justice

    DOJ Announces Antitrust Review of Tech Giants

    In a move that could potentially disrupt Silicon Valley’s biggest companies, the U.S. Justice Department announced that its antitrust division opened a review into “whether and how market-leading online platforms have achieved market power.” The DOJ, in its announcement Tuesday, didn’t identify which companies it is looking into as part of the investigation. Facebook, Amazon, Google [...]

  • Snap Inc

    Snap Stock Skyrockets as Company Adds 13 Million Daily Active Users in Q2

    Share prices for Snapchat’s corporate parent Snap Inc. shot up as much as 13% in after-hours trading Tuesday on news that Snapchat added 13 million daily active users in Q2 of 2019. The service ended the quarter with 203 million users, compared to 190 million at the end of Q1, and 188 million in Q2 [...]

  • jbl link bar

    JBL Finally Releases Its Android TV-powered Smart Sound Bar

    Over a year after first announcing it, Samsung subsidiary Harman is finally releasing its JBL Link Bar, a smart sound bar that comes with Android TV built-in. The new device effectively doubles as a smart speaker, and does away with the need for any additional streaming devices. Google and Harman / JBL first announced the [...]

  • Inverse-BDG

    Bustle Digital Buys Digital-Media Startup Inverse, Its Eighth Acquisition to Date

    Bustle Digital Group, continuing its strategy of snapping up smaller digital-media players, has acquired Inverse, geared toward an young-male audience with content about science, tech and culture. Terms of the deal weren’t disclosed. BDG founder and CEO Bryan Goldberg is well-acquainted with Inverse, which was founded in 2015 by CEO Dave Nemetz — who previously [...]

  • Pandora voice mode

    Pandora Launches Voice Mode for Everyone

    After first launching a limited beta earlier this year, Pandora opened up its mobile voice control to all of its iOS and Android users Tuesday. The new feature allows users to ask for songs, albums, playlists, stations, and even soundtracks for activities or times of day, with simple voice commands. Pandora’s voice mode is similar [...]

  • The Netflix logo is displayed at

    Netflix Target of Shareholder Lawsuits After Q2 Subscriber Shortfall

    Like clockwork, Netflix’s big miss on subscriber targets for the second quarter of 2019 have prompted lawsuits filed on behalf of shareholders. At least two suits seeking class-action standing were filed Monday, by the Rosen Law Firm and Schall Law Firm, which both specialize in investor litigation. The lawsuits allege Netflix violated SEC regulations by [...]

More From Our Brands

Access exclusive content