CEO of TikTok owner ByteDance to step down, co-founder to replace him

ByteDance, the company that owns social media platform TikTok, said on Thursday that co-founder Zhang Yiming will step down from the position of the chief executive officer, reported Reuters. Co-founder Rubo Liang, who was heading the human resources department, will take over as the next CEO.

In a memo to company employees, 38-year-old Zhang said that he would have a greater impact in the company’s longer-term initiatives if he stepped down from the role of the CEO. Zhang will hold a key strategic role in the company at the end of 2021, the company said.

Zhang said that he lacks some of the skills that make for an ideal manager. “I’m more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people,” he said. “Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and contemplating what may be possible.”

He said that the everyday challenges of being the CEO were creating hurdles for research and innovation. Zhang said he will work with Liang over the next six months to ensure a smooth transition. However, he did not say if he would give up his voting rights.

Unidentified officials have told Reuters that…

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