From a video site to a cross-platform television, mobile phone, automobile, finance, sports, video, and many other sections, to establish an ecological realm, LeTV can be said to have achieved a miracle in the history of Chinese Internet development in just four years. , And the soul behind the character is LeTV founder Jia Yueting. It is also because of the destructive factors, music as this huge ecological empire is in turmoil, Jia Yueting resigned as general manager of LeTV, it seems that LeTV officially declared the second half.
Resign from the general manager
On the afternoon of May 21, LeTV released the announcement of the resolutions of the 40th meeting of the 3rd Board of Directors. The announcement pointed out that in order to concentrate on fulfilling the duties of the chairman, the company will focus on corporate governance, strategic planning and core product innovation, and improve the company. In terms of decision-making efficiency, Jia Yueting resigned from the post of general manager of the company and assumed full-time chairmanship of the company.
At the same time, nominated by the LETV Board Nomination Committee, Liang Jun was appointed as the general manager of LeTV, reporting to the Chairman and the Board of Directors on the company's operating conditions for a period from the date on which the Board of Directors reviewed and passed until the expiry of the current Board of Directors. This is also the first time that LeTV has had a full-time general manager since its establishment.
It is understood that since January 2012, Liang Jun has been the deputy general manager of LeTV and Lexus to the new president, in charge of TV LeTV. For the job adjustment, Jia Yueting said at the following media communication meeting: “Because the business segment is divided into several pieces, the company develops more and more business, owns several jobs and has limited energy. The purpose of adjustment is to allow A stronger team will participate in the management of LeTV. There will be greater improvement in the management, financial accounting and funding plans."
Regarding the evaluation of the new general manager Liang Jun, Jia Yueting stated that Liang Jun is the best candidate to achieve LeTV’s large-scale profitability target in terms of business capabilities, management level and values.
In an interview with a reporter from Beijing Business Daily, Liang Jun said that in the future, TV sales will be strengthened to strengthen channel construction, and the large-screen operation, especially members and advertising revenue, will be strengthened, and the content self-development capabilities of LeTV and LeTV will be enhanced.
When talking about Jia Yueting's resignation from the position of general manager of LeTV, industry insiders pointed out that this will largely form a check and balance with Jia Yueting. Xingen Capital Partners Zeng Qiang once said, “I think Jia lacks a COO and CFO that can check with him. Without COO, the company does not have a KPI; without a CFO, funds can be freely mobilized.†Sun Hongbin, chairman of Sunac China, also publicly stated before, “In the cooperation between Sunac and LeTV, LeTV was required to have a CEO. It was originally not. Now someone needs to be in charge and Liang Jun is in chargeâ€.
Half a year crisis road
In fact, LeTV's high-level adjustments have been ongoing. Since March of this year, LeTV has experienced frequent changes in senior personnel. On March 20th, Ding Lei, a co-founder of LeTV Automotive, who had joined LeTV for only a year and a half, announced that he would no longer be the vice chairman of LeTV Supercars, and the CEO of China and the Asia Pacific region because of his personal health concerns. LeTV (China) President and COO Zhang Hailiang served as global CEO of LeSEE, and Shanghai Volkswagen original employee Niu Shengfu joined LeTV as the chief technology officer of LeSEE China.
Then on March 23rd, LeTV announced that Leighton Asia Pacific President and LeEco Hong Kong CEO Gao Jun has been appointed as LeTV Sports COO. The original LeTV Sports COO Yuhang was not disclosed. In April, LeSport announced that Albuquerque Aramita had proposed LeEco Mobile CEO (generation), and Leighton Mobile President Feng Xing continued to serve as Senior Vice President of LeTV Holdings and was newly appointed Chairman and CEO of LeTV. According to the latest news, Feng Xing will soon officially leave LeTV, but the exact time is not yet determined.
In addition to high-level personnel adjustments, LeTV also faced layoffs for a large number of employees. A few days ago, LeTV was also exposed as the biggest layoff plan in history. LeTV Holdings’ brand center has cut its workforce by 70%.
As for the layoffs, Jia Yueting first expressed at the communication meeting that LeTV considered organizational changes since the occurrence of liquidity problems in October last year. Layoffs are also part of organizational changes. They are not saying layoffs or, more precisely, personnel optimization. Let LeTV's current organization perform at its highest efficiency, rather than having a large number of inefficient employees, which is mainly a non-listed system. The listing system has also made a relatively low proportion of personnel optimization, but the listing system will continue to introduce very good talents. Jia Yueting further rethought at the communication conference that the disturbance last year was composed of two reasons: First, the development was too fast. Second, our own capabilities are insufficient. It also stated that the mobile phone is one of the fuses. Due to the lack of pre-judgment on liquidity management, the judgment of the profit and loss situation is not particularly accurate, resulting in the follow-up capital follow-up is not particularly timely, so that the mobile phone is a very good business. In the fourth quarter of last year, there was a state of quasi-shock.
Who is the boss
Talking about the future development of LeTV, Jia Yueting said that there are mainly three aspects of listed companies: strategy, organization and intellectual structure, and core product innovation. The listed company is the first important distribution of energy, and the other is the car. Cars will be a very important piece of business. He also emphasized that his personal strengths and interests are strategic competition and product innovation. The most important competitiveness of the automotive industry is product innovation. Obviously, Jia Yueting has full confidence in the automotive sector.
Industrial watcher Hong Shibin believes that for Jia Yueting, the core of the future should be the car. The reason why LeTV has a huge funding gap has even triggered the entire LeTV crisis. LeTV is definitely one of the major factors. The automobile industry itself is an industry that requires high investment. However, LeTV does not carry out large-scale financing. The funds mainly depend on Jia Yueting. Jia Yueting said that LeTV’s funds have never been associated with listed companies, only its personal funds, and the funds of listed companies are completely closed. Perhaps the car is Jia Yueting's second half.
In LeTV's listing system, although Jia Yueting is still the chairman, it must be said that Jia Yueting's influence and authority within LeTV are affected and challenged. From the perspective of equity, with the strategic investment of 15 billion yuan signed by Sunac and LeTV, Sunac has occupied a large proportion in many business segments including LeTV and does not rule out the possibility of further expansion in the future.
Although Rongchuang representative Liu Shuqing repeatedly emphasized that Rongchuang will continue to support the development of LeTV, the two parties do not have all kinds of misleading content, and there is no dispute over control rights. However, some industry observers pointed out that companies are not white angels. The ultimate goal of all corporate strategic investments is to maximize profits. This is the essence of business. In this process, the fight for control rights is not uncommon.
In addition, Sun Hongbin, chairman of Sunac China, is constantly expanding its influence. Not long ago, Sun Hongbin disclosed the news of Liang Jun becoming CEO of LeTV in advance at the financial innovation conference. For LeTV this listed company, the high-level changes need to be announced through the announcement, but the outside world is not through the channel of the announcement, but in LeTV's two shareholders heard the news. Sun Hongbin consciously served as a spokesman for LeTV. It seems to the outside world that Sun Hongbin’s influence on LeTV is increasing. Sun Hongbin also repeatedly stated that “in the future, LeTV will mainly have LeTV (listing part) and LeTV, LeTV Jia Yueting how to play how to play.†It seems that they are constantly emphasizing their control of the LeTV listing system. Obviously, Jia Yueting once covered the era of LeTV, already far away.
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