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Chinese tech conglomerate LeEco<\/a> is reshuffling the executive roster of its publicly traded unit, Leshi Internet Information and Technology Corp., as it continues to struggles with cash flow issues and a bumpy expansion into the U.S. Leshi\u00a0disclosed in a Shenzhen Stock Exchange filing over the weekend that founder Jia Yueting will leave his role as CEO, but stay on as chairman.<\/p>\n Liang Jun, a Leshi vice president who joined the company five years ago from Lenovo, will take over the position. Leshi also said that its chief financial officer Yang Lijie is resigning for personal reasons and will be replaced by Zhang Wei, its China CFO.<\/p>\n Jia admitted in an interview with QQ.com last fall<\/a> that LeEco\u00a0is suffering from a cash crunch, management issues, and an overhasty expansion.<\/p>\n LeEco recently raised\u00a0almost $2.2 billion<\/a> from new investors including Tianjin Jiarui Huixin Corporate Management Company and Sunac China Holdings, but another major backer decided to cut its losses. China Bridge Capital sold more than 60 million shares of Leshi<\/a> in the first quarter of 2017 as its founder Edward Zeng called for LeEco\u00a0to find a new CEO and strengthen its management.<\/p>\n LeEco\u2019s arrival in the U.S. was announced last year with an extravagant event<\/a> that flaunted its extremely wide lineup of products including a video and music streaming, TVs, smartphones, VR headsets, bicycles, and an electric car, but it\u2019s already hit several embarrassing high-profile setbacks.<\/p>\n Last month, LeEco\u00a0not only abandoned its plans to acquire U.S.-based TV maker Vizio<\/a>, but also nixed its video service EcoPass.<\/p>\n It\u2019s also reportedly trying to sell it Silicon Valley property to raise funds<\/a> and planning to cut a third of its U.S. jobs<\/a>.<\/p>\n TechCrunch has contacted LeEco for more information.<\/p>\n Featured Image: VCG<\/a>\/Getty Images<\/small><\/p>\n","protected":false},"excerpt":{"rendered":"![\"\"](\"https:\/\/tctechcrunch2011.files.wordpress.com\/2017\/05\/gettyimages-469752762.jpg?w=680\")
Chinese tech conglomerate LeEco is reshuffling the executive roster of its publicly traded unit, Leshi Internet Information and Technology Corp., as it continues to struggles with cash flow issues and a bumpy expansion into the U.S. Leshi\u00a0disclosed in a Shenzhen Stock Exchange filing over the weekend that founder Jia Yueting will leave his role as CEO, but stay on as chairman. Liang Jun, a… Read More<\/a><\/p>\n\n<\/img><\/a>
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