Jia Yueting, who is chairman of LeEco and Coolpad, will remove himself from the CEO role of its parent company, Reuters reports.
Digital media distributor Leshi filed documents with the Shenzhen stock exchange that also calls for a replacement CFO as the current one, Yang Lijie, resigned for personal reasons. Liang Jun, who had a lead role in Lenovo before coming to Leshi in 2012, will take over as CEO. Chinese regional CFO, Zhang Wei, takes the financial reins at LeEco.
Under his leadership, Jia was reported to have put LeEco on a path of unsustainable spending that has tumbled over hurdles in US projects and a margin call on LeEco stock. He will double down on “corporate governance, strategic planning and core product innovation” and will continue to oversee operations at LeEco.[alert variation=”alert-danger”]Correction: A previous version of this story misstated that Jia Yueting was stepping down as CEO of LeEco, not Leshi. Pocketnow regrets the error.[/alert]