Jia Yueting, founder of China's Internet media giant LeEco, has resigned as chairman of the company but will retain his role as a controlling shareholder, according to a board statement issued on Thursday.
Jia will work as CEO of the car unit of the company, according to a statement issued via the electric car brand LeSEE's official WeChat account, shortly after the board's announcement.
Jia's exit came with the company suffering from a debt crisis, and days after a Chinese court froze millions of dollars of the firm's assets.
“LeEco faces great challenges, and I will take on all the responsibility, I will persist in my duties until the end for the sake of our employees, users, customers and investors,” Jia wrote on social media platform Weibo hours before his departure as chairman was announced.
He resigned from the role of CEO last month.
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