LeTV's founder to resign as CEO

LeTV, one of China's largest online video companies, announced on Sunday that Jia Yueting, its founder, will step down as CEO of the company, but will retain the position of chairman.

Jia said at a press conference that he and other decision-makers agreed that LeTV had entered a quasi-mature stage. With this rapid development, the company now has to handle more businesses. Last year, LeTV experienced operation problems: through this structural adjustment, a stronger management team will lead LeTV to a better future, Jia said.

Liang Jun, current vice general manager of LeTV, will take over as CEO.

Liang graduated as an EMBA (Executive Master Of Business Administration) from China Europe International Business School. Before he went to LeTV, he worked for Lenovo Group.

Liang currently holds 234,100 shares, accounting for 0.01 percent of the total share capital.

CFO Yang Lijie will also resign and be replaced by Zhang Wei, the CFO of LeTV Holdings Co Ltd. in China.

(CGTN)