After Jia Yueting, LeTV may be facing another leadership change. Reports suggest that Liang Jun, the company's second CEO, has submitted his resignation recently. When "Chinese Entrepreneur" reached out to him for comments, he only mentioned that he was "resting at home for some time" and did not provide details on when he might return to work.
Later, industry insiders confirmed that Liang Jun is indeed leaving the company. Some even commented that "LeTV will end its life." He had been transferred from his role as the head of marketing communications at LeTV to a new position as the Chief Marketing Officer (CMO) of a different division.
LeTV has seen several executive departures in recent years, but the exit of Liang Jun adds to the instability within the company. Both Liang Jun and Ren Jun were appointed by Sun Hongbin, with Liang Jun being one of the top three executives at LeTV. He was once highly regarded by Sun Hongbin and played a key role in the company’s operations.
Analysts have speculated that Liang Jun's departure may be linked to Zhang Zhiwei, who was recently appointed as the new CEO of Levision and reported directly to Liang Jun. However, Zhang Zhiwei denied any personal conflict, stating that the move was part of the company’s restructuring.
Zhang Zhiwei, previously a sales executive at JD.com, joined LeTV in 2013 and was responsible for the e-commerce sales of LeEco. Later, he built Lepar, a sales channel for LeTV. In 2023, after Jia Yueting stepped back from day-to-day operations, Zhang took over the role of leading the music business as part of the ecological sales and service platform.
Despite these changes, some analysts believe that the real issue lies in LeTV’s financial struggles. Although Sun Hongbin initially focused on the most cash-flow-positive businesses, including LeTV, the company has continued to face challenges.
According to data from China Excel, LeTV's sales dropped by over 50% year-on-year in the first seven months of this year. During the "618" shopping festival, sales fell by 57%. Analysts also noted a sharp decline in active users, from nearly 60 million at the start of the year to under 35 million by August.
LeTV's performance during its major 919 event was disappointing. Last year, it sold 576,000 TVs in just 15 hours, but this year, its sales ranked outside the top ten, according to Ove Cloud Network data.
Faced with such results, Sun Hongbin likely felt the need for a change in leadership. Liang Jun’s departure may have been tied to dissatisfaction with his ability to turn the company’s performance around.
In an interview earlier this year, Liang Jun emphasized that the core of LeTV’s future would be content and television. He also spoke about injecting the new LeTV into the listed company system to maximize value. However, these plans remain uncertain.
Before becoming CEO, Liang Jun was primarily involved in building LeTV from the ground up. He admitted he wasn’t fully familiar with the business, and his appointment was part of a broader search for the right leader.
When asked about his loyalty, Liang Jun said, “I serve this company, not any individual.†He described his role as temporary, aimed at resolving debts and stabilizing the company.
Liang Jun spent less than five months as CEO, but his impact on LeTV was significant. Five and a half years ago, he left Lenovo to help Jia Yueting build LeTV from scratch, making it a leader in internet TV.
He praised Jia Yueting for his dedication and deep involvement in the business. He also acknowledged Sun Hongbin’s decisive and bold approach to management.
In his final interview, Liang Jun outlined his vision: first, to stabilize the company, then to build a respected brand, and finally to create a strong management team for the future. But just three months later, he chose to leave.
Who will take over as LeTV’s next CEO? The question remains unanswered.
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