LeEco founder steps down

Jia Yueting, founder of LeEco, poses for a photo in front of a logo of his company at LeEco headquarters in Beijing, April 22, 2016. [Photo/Agencies]

The founder of Chinese internet giant Leshi, also known as LeEco, has stepped down as the legal representative of the company, as the tech conglomerate continues to struggle with a cash crunch.

Jia Yueting has been replaced by Wu Meng, who has been working at Leshi for a long time and held multiple senior positions, though Jia remains as the executive director, according to the official information website, National Enterprise Credit Information Publicity System.

Jia's departure as the legal representative comes shortly after he stepped down as the chief executive of the company's listed video-streaming unit Leshi Internet Information and Technology Corp.

Leshi Holding is the parent company of Leshi's sprawling business units, which involve smartphones, automobiles and other businesses.