Monday , April 23 2018

Struggling tech giant LeEco loses global corporate finance head

Struggling tech giant LeEco loses global corporate finance head



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 Inc., leading new business initiatives including investments and mergers and acquisitions, the person
said. LeEco declined to comment. 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 when the company went public in 2014, a deal Cheng worked on. He also advised that same year when Tencent Holdings Ltd. bought a 15 percent stake. 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.

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