Chinese device maker Coolpad appointed Liu Jiangfeng as its CEO, in the latest management shift at the troubled company.
Liu spent most of his career at Huawei, including as president of the company’s Honor smartphone unit. He replaces Guo Deying, who resigned earlier this month.
At the time of the CEO’s departure, Coolpad also named LeEco founder and CEO Jia Yueting as chairman. LeEco has upped its stake in Coolpad in recent months, to become its largest single shareholder.
According to Shanghai Daily, Liu said that “LeEco’s ecosystem resources and Coolpad’s smartphone production will create a new giant in the domestic smartphone business”.
Last month, Coolpad issued a profit warning, as its sales suffered due to a downturn and fierce competition in its home market. In the meantime, a restructuring and shift to “open” retail channels has yet to deliver results.
This came after a tough 2015, which saw it stop the release of new 3G models and shift its strategic development to focus on 4G.