Chinese electronics giant LeEco loses global head of corporate finance
Amid a severe cash crunch, Bloomberg has reported that LeEco might lose its global head of corporate finance. Reports have been doing rounds that LeEco has been considering a Silicon Valley site sale to battle its liquidity crisis.tech Updated: Apr 17, 2017 10:59 IST
Chinese electronics giant LeEco may soon lose its global head of corporate finance, Bloomberg reported.
Winston Cheng, who joined LeEco in 2015, will be president of international at Chinese e-commerce company JD.com Inc., leading new business initiatives including investments and mergers and acquisitions, Bloomberg quoted a person in the know of things.
LeEco declined to comment. JD.com didn’t respond to a request for comment on Friday.
According to the report, Cheng previously held managing director roles at Bank of America Merrill Lynch and Goldman Sachs Group Inc.
It also goes to say that Cheng had played a key role in LeEco’s proposed acquisition of TV maker Vizio Inc. for $2 billion, a deal that the company said fell apart because of regulatory hurdles.
LeEco’s US plans have also been set back by lackluster sales, job cuts, and delayed payroll to US employees.
Earlier, LeEco founder Jia Yueting had said that the company was going through a cash crunch period due to rapid expansion in different business. Reports also claim that the LeEco India unit staff was cut down by 80 percent.