“Today DigiTimes is reporting that ‘Jia Yueting, chairman and CEO of China-based LeEco, has stepped down as CEO of the company but will retain his position as chairman, according to a recent stock exchange filing,'” Purcher reports. “This move was likely forced upon LeEco by the banks.”
“The brash Yueting made a number of high profile gaffs and overspent wildly,” Purcher reports. “The company was forced to cut 13,000 – 14,000 jobs in December.”
Read more in the full article here.
MacDailyNews Take: As we wrote back in April 2015:
With a rocket scientist like Jia Yueting in charge, the outlook for [LeEco née Letv] (whatever that is) seems bleak.
Chinese smartphone maker apologizes for comparing Apple to Hitler – April 1, 2015
[Thanks to MacDailyNews Readers “Fred Mertz” and “Dan K.” for the heads up.]