In an internal letter LeEco CEO Jia Yueting sent to his employees on Sunday, he reflected for the first time on what he said has been the overly rapid growth of the Beijing-based technology and entertainment company.
"There is a problem with non-listed LeEco's growth pace and organizational capacities," Jia said in the letter obtained by the Global Times. He noted that the company's globalization had gone too far despite limited capital and resources, resulting in "an apparent lack of momentum" in various businesses.
The internal letter came in response to growing concerns plaguing the Chinese tech group, which has expanded into smartphones, smart TVs and self-driving vehicles. One of the concerns is the falling share price of LeEco's Shenzhen-listed arm, regardless of dramatic announcements from the company that include the unveiling of a self-driving electric car, new smartphones and TVs in San Francisco last month.
Management should be held responsible, Jia said in the internal letter. He volunteered to receive an annual salary of only 1 yuan (15 cents) from the company forever.
Shares of LeEco's listed arm closed down 2.26 percent to 39.71 yuan on Friday.
