Cash-strapped LeEco's founder Jia Yueting on Thursday resigned from his post as chairman from the firm's main listed unit, LeShi Internet Information and Technology, the company said in an exchange filing.
Jia had already quit as CEO of the Shenzhen-listed subsidiary a few months ago, and now will no longer hold any post with LeShi. He will instead focus on building LeEco's car division, and U.S. start-up Faraday Future and its FF91 electric car, a project he has backed.
Before the resignation announcement, Jia had pledged earlier in the day to take full responsibility and repay all debts.
"I will assume all responsibilities, and will do so until the end for LeEco's employees, customers and shareholders," he said in the open letter. "Please give LeEco some time, please give LeEco's car business a little more time. We will repay all debts to the financial institutions, suppliers and anyone else we owe."