CEO of TikTok owner ByteDance to step down and move into new role

FAN Editor

A symbol of TikTok (Douyin) is pictured at The Place shopping mall at dusk on August 22, 2020 in Beijing, China.

VCG | Visual China Group | Getty Images

GUANGZHOU, China — Zhang Yiming, co-founder of ByteDance, will step down as CEO and transition to a new role, the company said on Thursday.

Another co-founder, Liang Rubo, who is currently head of human resources, will take over as CEO of ByteDance globally and Zhang will move into a key strategy role at the end of 2021.

“There are still many things that we need to improve, and I think someone else can better drive progress through areas like improved daily management. The truth is, I lack some of the skills that make an ideal manager,” Zhang said in a note to employees.

“I’m more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people. Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and daydreaming about what may be possible,” he said.

ByteDance said Zhang and Liang “will work side by side over the next six months to ensure the smoothest possible transition.”

This is a breaking news story. Please check back for more.

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