“In March 2015 LeEco’s CEO was behind a new Ad likening Apple to Hitler,” Jack Purcher reports for Patently Apple. “In April 2016 the brash CEO Jia Yueting confidently stated on CNBC that Apple was simply an outdated company. Reality hit LeEco and its egotistic CEO in December 2016 when the company lost millions in smartphones and was forced by the banks to go into super cost cutting mode to save the company. Today the CEO of LeEco has stepped down.”
“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.
SEE ALSO:
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.]