Jia Yueting, former LeEco CEO and founder of the company, is voluntarily replacing himself as CEO from the publicly traded arm of the LeEco conglomerate, to be succeeded by former Lenovo executive Liang Jun. Over the last 6 months, LeEco has been in the news quite a lot, seemingly going from crisis to crisis after its entrance into the US market. Perhaps this latest move will be able to help LeEco regain its footing. However, Jia Yueting will still maintain control of the private branch of the company that US consumers would be more familiar with as the manufacturer of the LeMobile phones.
Some of you might remember when LeEco decided to make its big push into the US market. That launch event probably set the bar for self-obsession. That isn’t necessarily a bad thing in itself; there are a lot of different ways to built interest in a company, and many big names have built themselves on self-congratulatory marketing over substance. But, perhaps LeEco would have been better served by showing off actual products rather than the company’s collective ego.
Shortly after the entrance into the US market, the company started to run into problems. Literally days later LeEco announced it was having issues stemming from its rapid global expansion effort. The billionaire CEO promised to invest $10 million into the company and cut his pay to $150K. The publicly traded arm even had to halt trading of its stock on the SZSE. At the time LeEco assured stockholder and customers alike that things were fine, and its planned acquisition of Vizio was still going to happen. Then the company tried to sell off the property it had purchased from Yahoo, which was once optimisitically planned to become an “EcoCity that houses 12,000 employees.” Soon after the previously reassured purchase of