LeEco founder quits as head of video unit

beijing — Jia Yueting, founder of Chinese technology conglomerate LeEco, is stepping down as general manager of it online video service unit Leshi Internet Information & Technology Corp as multiple business lines of the parent company show signs of weakness.

Jia will remain as chairman of Leshi and focus on company governance, strategic planning and innovation of key products, according to a filing to the Shenzhen stock exchange. Liang Jun, who joined Leshi from Lenovo Group over five years ago, will replace Jia as general manager.

Leshi finance director Yang Lijie also stepped down to be replaced by Zhang Wei, the company said in a separate filing. Leshi halted share trading in April, citing pending restructuring plans at the time.

Jia’s LeEco empire has been hit with fund raising difficulties and unpaid bills over the past few months, while seeking to expand multiple businesses include online video, sports broadcasting, smartphones, electric automobiles and online financing. — Bloomberg