This is Why the Owner of TikTok is Parting Ways With its CEO

Zhang Yiming, the co-founder and CEO of ByteDance, who owns popolar video platform TikTok, is stepping down from his position.

The company said that Yiming will step down as CEO and transition to a new role. Liang Rubo, who is another co-founder and is currently head of human resources, will take over as CEO of ByteDance globally.

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 to employees in a note.

“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.”
It’s been less than a year since TikTok had been called a security threat by former President Donald Trump.

It was in February that the Wall Street Journal reported that a deal to sell TiKTok to Oracle and Walmart was abandoned indefinitely.

This past March, ByteDance acquired major gaming studio Moonton as its entrance into the mobile gaming market.

It was also in March that Chew Shou Zi, the former finance chief at Xiaomi, was asked by ByteDance to become the company’s chief financial officer.

Chew was appointed the CEO of TikTok recently.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.