Founder of TikTok Owner ByteDance To Step Down As CEO

An anonymous reader quotes a report from Axios: Zhang Yiming, co-founder of TikTok owner ByteDance, is stepping down as CEO and moving to a new role, the company said in a memo released Thursday. The replacement of Zhang with human resources chief Liang Rubo, another TikTok co-founder, marks the "biggest corporate shake-up" at the firm since it launched in 2012, going on to become a major social media player in China and turning TikTok into a massive global force, per Reuters, which first reported the news. Zhang will move into a "key strategy" position later in the year. In the meantime, he and Liang "will work side by side over the next six months to ensure the smoothest possible transition," ByteDance said in the memo. "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 the memo 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."

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