Zhang Yiming, co-founder of TikTok maker ByteDance, to step down as CEO

“Zhang Yiming, the co-founder of TikTok owner ByteDance, told employees of the Chinese technology giant […] Thursday that he will step down as chief executive, to be succeeded by co-founder Rubo Liang,” Reuters reported, citing an internal memo.

Details:

• In the memo, Zhang shared that he believes he will have a greater long-term impact on ByteDance if he resigns from the head chief role.
• He added that he prefers “analyzing organizational and market principles” to managing people directly.

Context:

• The move comes after ByteDance reportedly submitted a letter to the Hong Kong Stock Exchange, an indication that it is seeking to go public in the market.
• The Chinese tech titan also recently appointed former Xiaomi executive Zhou Shouzi to serve as chief financial officer, which was seen as a preparatory move for the potential listing.