May 23 2017
The group has been fighting a cash crunch since past year that Jia said was the result of that aggressive growth.
LeEco encountered a cash crunch previous year that Jia said was the result of that aggressive growth, with the company subsequently seeking billions of U.S. dollars in new funding, cutting staff and abandoning a deal to acquire United States television maker Vizio.
At the same time, Leshi said its chief financial officer Yang Lijie, who has worked for Jia Yueting since 2004, will be replaced by an outsider, Zhang Wei.
It may also continue to invest in Faraday Future, a company backed by LeEco that's attempting to build an electric auto, sources said. Jia will remain as the chairman of Leshi and the CEO of the broader LeEco group.
According to analysts and industry observers, the shake-up in management just four months after property developer Sunac China Holdings invested over 15 billion yuan (US$2.2 billion) in the cash-strapped company is a signal that investors are eager for a renewed focus on profitability measures. It also heavily scaled down its operations in India and let go off about 85% of the staff.
I'll be back: Arnold Schwarzenegger confirms role in latest Terminator film
Schwarzenegger also said he has plans for a Twins sequel called Triplets , which will feature Danny DeVito and Eddie Murphy. Be sure to check back with us here at CinemaBlend for updates about the sixth Terminator film as they become public.
Group linked to NSA spy leaks threatens sale of new tech secrets
Spokesperson from Microsoft has already said that they will be preparing a response for this claim from the hacking group. What subscribers will do with these exploits and data will be up to them, the group said.
Palestinians injured during rallies for prisoners
Video footage from the scene shows the protesters surrounding the settler's auto before he opens fire at them, killing one. A Palestinian was seriously hurt and another nine were lightly injured in clashes near the border with the Gaza Strip.
The board approved longtime Lenovo executive Liang Jun, who joined Leshi as an executive in 2012, to replace Jia as CEO. With this rapid development, the company now has to handle more businesses.
Fok declined to comment on whether there could be a boardroom struggle between Leshi and its investor Sunac, but acknowledged that in every organisation, struggles and different points of view between the executive team are not uncommon especially when the company is facing difficulties.
While Yueting will step down from the position of CEO, he will continue to be the chairman. That said, if Jia is stepping down from his leadership role at LeShi in order to focus on trickier dealings like electric cars at other parts of LeEco, then it could be a positive step.
Jia added that problematic businesses such as ride-sharing unit Yidao Yongche (易到用車網) will bottom out in a year or two, helped by layoffs.
But by November, reports surfaced the company was tightening its belt. Apart from that, Jia says he will put more energy in the development of LeEco's vehicle business to accelerate innovation and bring its e-cars to the market.
May 22 2017
Hinting at secret tapes, Trump warns ousted Federal Bureau of Investigation director
For example, White House press secretary Sean Spicer has said the president fired Comey because he was advised to do so. The face-to-face meeting between the president and the director raised other concerns.
May 20 2017
AT&T Workers Across 36 States Began 3-Day Strike Friday
ET to come to the table with "serious proposals that invest in good jobs with a future". "Even my son will be out there with me". This will be the first time the members will be walking out from AT&T mobility. "We want a new contract and one that is fair".
May 19 2017
Japan's Cabinet OKs bill to let Emperor Akihito abdicate
Historically, abdication of Japanese emperors was common, with about half of the 125 Japanese emperors having abdicated . Japanese media reported that the Abe government is discussing a separate resolution on the topic.
May 18 2017
White House Pushes Back on Reports of Intelligence Talks between US, Russia
He said that it seems that " political schizophrenia " is developing in the U.S. amid such media claims. Under current U.S. law, the president has the power to declassify information as he or she sees fit.
May 18 2017
Highlights of Tuesday's NBA game
Both Kerr and Brown emphasized a better start on both ends in Game 2 to control the tempo from the opening tip. Golden State quickly established its pass-happy, up-tempo style to take the Spurs out from the opening tip.
May 18 2017
Embattled White House lurches from crisis to crisis
The person who described the Comey memo to the AP was not authorized to discuss it by name and spoke on condition of anonymity. Then there was the Comey firing itself, which Trump even admitted had something to do with the Russian investigation.
May 18 2017
North Korea claims its new long-range missile can carry heavy nuke
The last set of sanctions, imposed in March, capped China's imports of North Korean coal, a key cash earner for North Korea . Australia's prime minister has called on China to use its leverage over North Korea to end the regime's missile testing.
May 18 2017
A$AP Rocky's Home Burglarized in Armed Robbery
It is thought the burglars entered Kendall's house sometime between her leaving at lunchtime and returning home at 8pm. The robbers "grabbed the woman, took her around the house" while they found the Harlem native's cash and jewels.
May 18 2017
NC senator collapses during race, taken away in ambulance
He later posted a video on Twitter saying he was fine and just got overheated. "Thanks for all of your prayers and well wishes". Tillis is known for his athleticism as an avid mountain biker and participant in obstacle endurance races.
May 17 2017
Back home, Preds eager to rebound off 1st postseason loss
The first two periods of Game 1 looked much like the Blues' entire first-round series against Minnesota, with St. The Blues tied the game at 2 on a goal by Jori Lehtera at 7:39 of the third period before Tarasenko took over.
May 23 2017Star Midfielder Believes Champions League Football Will Help Liverpool Attract 'Big Players'
May 23 2017Senate confirms Iowa governor as China envoy
May 22 2017Capitals square series 3-3 against Penguins
May 22 2017Next stop for Trump is Israel, in pursuit of 'ultimate deal'
May 22 2017Comey Declines To Testify Before Senate Judiciary Committee
May 22 2017Ringling Bros. owner: Final shows are 'a celebration'
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May 18 2017Tom Brady had a concussion last year, Gisele Bundchen says
May 17 2017Wide cyber attack curbed for now
May 17 2017EC to link all EVMs to VVPAT by 2019
May 23 2017US extends 'temporary protected status' to Haitians until January
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May 22 2017Wisconsin unemployment lowest since February 2000
May 20 2017Fernando Gaviria wins his 4th stage of this year's Giro d'Italia
May 20 2017Sogard pushes Brewers to 4-2 win over Padres
May 20 2017Trump Says He's 'Very Close' to Naming a New FBI Director
May 19 2017Titles more important than top four to Manchester United, says Mourinho
May 19 2017Merkel: UK Will 'Pay A Price' If It Curbs Immigration
May 19 2017Led coalition airstrikes targeted pro-Syrian regime forces
May 18 2017Fox News' Guilfoyle up for White House press secretary job
May 18 2017Target reimagines itself, investors like what they see in 1Q
May 18 2017Microsoft partly blames US gov't for cyberattack