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May 24, 2017 @ 12:00

LeEco’s Billionaire Founder Steps Back From Struggling Business


Billionaire Jia Yueting will relinquish the day-to-day running of his flagship streaming service, as cash-strapped parent LeEco considers an internal overhaul that will group businesses from entertainment to TVs under its main listed company.

The Chinese technology conglomerate’s founder announced he’s stepping down as general manager of Leshi Internet Information & Technology Corp., a Netflix-like service and phone- and TV-maker. Jia will remain chairman to devise longer-term strategy and oversee a corporate revamp intended to improve transparency — an area in which Jia admitted LeEco’s been lacking.

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