Chinese smartphone maker Coolpad Group announced that its chief executive officer Liu Jiangfeng has resigned and Jiang Chao, vice chairman of the board of directors of Coolpad, will take the CEO role.
According to the report published by Coolpad, Liu hopes to put more time into personal affairs and decided to resign. At the same time, Jiang has been appointed new CEO of the company. In addition, Liu will change from executive director to non-executive director of Coolpad.
In August 2016, LeEco's founder Jia Yueting took over the role of chairman of Coolpad from Guo Deying and Jia appointed Liu, who previously worked as president of Huawei's Honor, as CEO of Coolpad Group. With the joining of Jia and Liu, Coolpad started adjustments in management team and many former executives, including Coolpad's former president Li Bin, former vice president Cao Jingsheng, and former vice president Xu Yibo, left the company.
In March 2017, LeEco's chief financial officer for China Zhang Wei was appointed executive director of Coolpad Group. By then, Coolpad Group had six executive directors and only one was from the old Coolpad while the other five were all from LeEco or appointed by Jia. LeEco achieved full control of Coolpad Group.
However, with LeEco's suffering of capital problems, Coolpad was also affected. Both LeEco and Coolpad saw consecutive decreases of share prices for multiple trading days.