Kevin Mayer is stepping down as Disney's head of streaming to become the first CEO of social media platform TikTok.
Aside from being the boss of Tiktok, Mayer will also become the chief operating officer of ByteDance, Tiktok's Chinese parent company, according to a report by the BBC.
Kevin Mayer, Disney's head of direct-to-consumer division, on the floor at the New York Stock Exchange (NYSE) in New York, U.S., October 22, 2019.
TikTok is an app where users post short videos, which has become highly popular since its US launch, particularly during the coronavirus pandemic.
Mayer will be responsible for ByteDance's "global development" including developing business, gaming, and music.
"I'm excited to help lead the next phase of ByteDance's journey as the company continues to expand its breadth of products across every region of the world," Mayer said in a statement. He will be joining ByteDance on June 1 and will be TikTok's first CEO.
Disney head of streaming Kevin Mayer to become TikTok's first CEO
TikTok has reached over 2 billion downloads on iOS and Android since its global launch in 2017. Users can create 15-second videos with background music. During the pandemic, Tiktok has become a household name with many users creating musical and funny videos of their quarantine experiences to relieve their boredom.
However, some US politicians are wary of Tiktok's Chinese parent company and have raised concerns about Chinese government censorship or Tiktok users' data collection. ByteDance denies both charges.
Mayer's Disney experience
Mayer was Disney's Chairman of Direct-to-Consumer and International division. He oversaw the successful launch of Disney Plus, the streaming service of the Walt Disney Company, in November. The service now has more than 54 million subscribers, which is slightly short of its initial target of 60 million to 90 million subscribers by 2024, according to a BBC report.
Aside from Disney Plus, he also managed other streaming investments like Hulu, Hotstar, and ESPN Plus. He was also considered a key figure in Disney's numerous acquisitions, including Marvel Entertainment, Lucasfilm, Pixar, and 21st Century Fox as the company's senior executive vice president and chief strategy officer. He also directed the sell-off of Miramax and ABC Radio.
Mayer studied BS in mechanical engineering at Massachusetts Institute of Technology and a Master of Science from San Diego State University. He also earned an MBA from Harvard Business School.
Before his stint as chair of direct-to-consumer and international division, Mayer worked as Disney's executive vice president for corporate strategy and business development in 2005. Then, in 2015, he became the senior executive vice president and chief strategy officer, according to Bloomberg.
Mayer was being eyed to replace Disney's former chief executive Bob Iger. However, the role was later given to Bob Chapek who was the chairman of Disney Parks, Experiences and Products.
As of July 2015, his employment agreement shows his annual base salary amounts to $1,250,000. Currently, his estimated net worth is at $15 million, which is higher than last year's filing of $11.6 million.
Meanwhile, there is still no information on how much Mayer will earn with his transfer to Tiktok as the new CEO.
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