LeEco CEO steps down in troubled times for China’s tech giant

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Jia Yueting has stepped down as LeEco’s chief government.

Stoyan Vassev/TASS

The chief government of Chinese tech giant LeEco has stepped down a month after the corporate scrapped a $2 billion bid to purchase US TV producer Vizio.

Jia Yueting’s resignation was introduced Sunday in a inventory trade submitting, Reuters reported. Jia will retain his place as chairman, in keeping with the submitting, which additionally indicated the corporate’s chief monetary officer would get replaced as properly.

LeEco has tried to make a giant splash with its debut in the US. It announced its deal to buy Vizio in July, and in October, the company debuted a smart TV, phone and self-driving car, in addition to companies to run on and join its units.

But by November, reviews surfaced the corporate was tightening its belt. Later that month, Chinese regulators introduced there could be heightened scrutiny of Chinese capital leaving the nation for international investments.

In April, LeEco workers informed Bloomberg the corporate was 5 days late paying its US workers and that the Vizio deal was stalled. Every week later, LeEco and Vizio mentioned their tie-up would not occur, blaming “regulatory headwinds” for the deal’s demise.

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