China’s LeEco founder cedes control of listed unit amid cash crunch

ia Yueting will step down as chief executive of Leshi Internet Information & Technology Corp Beijing

HONG KONG/BEIJING: The founder of LeEco, a Chinese Netflix-to-Tesla-like conglomerate, has stepped down as the CEO of the group's main listed unit, as the company begins to streamline and cut debt after rapid expansion led to a cash crunch. 

Jia Yueting, who will remain as chairman and CEO of LeEco, envisions the group maintaining its separate unlisted automotive unit but rolling all other areas of business into Leshi Internet Information & Technology Corp Beijing, according to a transcript of his remarks to journalists on May 21.