BEVERLY HILLS, May 25, (THEWILL) – Zhang Yiming, one of the co-founders of TikTok, has stepped down as CEO of ByteDance, the Parent company of popular app, TikTok.
The move represents the biggest corporate upheaval at ByteDance since its launch in 2012.
The 38-year-old will be succeeded by Rubo Liang, a co- founder and current Head of Human Resources .
Zhang wrote that Mr. Liang, who was the head of human resources at Bytedance, had been “an invaluable partner,” advancing the company’s technology and hiring and managing people. He added that he would work with Mr. Liang over the next six months to ensure a smooth transition.
Zhang, had said on May 20, that he will leave the role because he lacks managerial skills. He added that he preferred “reading and daydreaming” to running the tech giant.
In his official letter of resignation to his employees on Monday, May 24, Zhang reiterated he lacked the skills that make an ideal manager. He further said that after several months of deliberation, he concluded that he would have a greater impact on ByteDance’s long-term initiatives if he left the post of managing director.
“The truth is, I don’t have some of the skills that make an ideal manager. I’m more interested in analyzing organizational and market principles, and using those theories to reduce managerial work even further, rather than through people management,” Zhang wrote.
“Likewise, I am not very social, I prefer solitary activities like being online, reading, listening to music and considering what is possible”, he added.
ByteDance, one of the world’s biggest private tech companies, has an estimated value of about $300 billion in recent trades
Zhang’s decision to step down comes less than a month after ByteDance appointed its CFO Shouzi Chew as CEO of TikTok.
TikTok has sought to distance itself from Beijing after the United States raised national security concerns over the security of the personal data it processes.
The administration of former US President Donald Trump has sought to force ByteDance to cede control of the app.
A US plan to sell TikTok’s US operations to a consortium that included Oracle Corp and Walmart Inc, however, was halted after ByteDance launched successful legal challenges.
About the Author
