The founder of LeEco, Jia Yueting resisned as CEO of its publicly listed unit Leshi. The $ 2 billion deal fell and the technology giant’s CEO resigned.
Chinese technology giant LeEco, has troubles nowadays. When the company’s $ 2 billion deal was canceled, cracks began in the board of directors. First the company CEO Jia Yueting resigned. And now there were rumors about the chief financial officer of the company is to be replaced.
The reason of the resignation of Jia Yueting is seen as the company’s deal with Vizio. In July 2016, the company was about to buy US TV maker Vizio and LeEco started working on smart television, telephone and autonomy. However, in November 2016 the news that the company was going to follow the austerity policy came and after that there started troubles. In April 2017, there was news saying that LeEco employees were experiencing disruptions in their payments. The cancellation of the agreement on all of these events caused CEO of LeEco, Jia Yueting to resign.
Jia Yueting was born in Shanxi province of China in 1973, as the third child of a teacher and a housewife. He landed a job in the local tax bureau in the mid-1990s, according to profiles of him published in the Chinese media. He left to start a string of his own businesses, in sectors from coal to mobile phones. Jia Yueting is listed as the 17th richest person in China by Forbes with a net worth of $7.3 billion. He also ranked 41st on Forbes’ list of the 100 richest technology billionaires worldwide.