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Leshi CEO YT Jia backs out, and will solely focus on his automotive dream

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【Summary】Chinese tech giant Leshi announced on July 6th that LeEco founder Yueting Jia will resign from Leshi’s chairman position and withdraw from the board of directors as well. After the resignation, he reportedly “will not take any positions at Leshi.”

Original Claire    Jul 06, 2017 1:09 PM PT
Leshi CEO YT Jia backs out, and will solely focus on his automotive dream

Amid the crisis of a financial shortage, Chinese tech giant Leshi announced on July 6th that LeEco founder Yueting Jia will resign from Leshi's Chairman position and withdraw from the board of directors as well.  After the resignation, he reportedly "will not take any positions at Leshi."

On the same day, YT Jia wrote an open letter on his personal Wechat account, saying he will bear all responsibility for the challenges that LeEco faces right now, and for all LeEco's employees, customers, clients and investors.

"Although resigning from all the positions at LeEco, I'm still the biggest shareholder and executive director of Leshi Holding Co. To retreat from Leshi's position is to make myself fully devoted to realize the mass production of FF91. For LeSee (LeEco's car model), it will stick with its development plan." YT Jia said in the open letter.

He pledged to pay back LeEco's debts and to stick to its ambitious electric vehicle project.

"No matter how much question and scoff we are facing, our dream to revolutionize the automotive industry will not be diminished." he said.

Hours later, LeEco announced via the official WeChat account of its electric car brand LeSEE, that YT Jia will be taking up the Chairman position of LeEco's car business.

Just two days ago, a court in Shanghai had frozen $182 million of assets owned by YT Jia and his family in response to LeEco's missed loan payments. The online record of China's national enterprise credit information publicity system shows that in June LeEco Holdings' legal representative changed from Jia to another company executive Wu Meng.

Many were previously questioning LeEco's overly quick expansion and YT Jia's management ability, but for his ambition this time, a few tech tycoons are on his side.

"It's still early to conclude LeEco is a failure. One thing I'm pretty sure is: Jia is a guy who is full of dreams, hardworking and willing to take on adventure. I'm for the real startup founder's vibe." Richard Liu, CEO of Chinese e-commerce giant JD.com remarked.

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