LeEco Inc.’s global head of corporate finance is leaving, according to a person familiar with the matter, the latest sign of retrenchment by the Chinese technology giant.
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, the person
said. LeEco declined to comment. JD.com didn’t respond to a request for comment. Cheng previously held managing director roles at Bank of America Merrill Lynch and Goldman Sachs Group Inc. Merrill Lynch was a lead underwriter for JD.com when the company went public in 2014, a deal Cheng worked on. He also advised JD.com that same year when Tencent Holdings Ltd. bought a 15 percent stake. JD.com has become Alibaba Group Holding Ltd.’s biggest competitor in China’s online shopping sector.
LeEco’s ambitious international expansion plans have suffered from a cash squeeze and other roadblocks. Cheng 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.