ByteDance CEO Zhang Yiming has officially exited the company as the CEO. His resignation will also mark his announcement on leaving the five-man board.
Liang Rubo is said to take over the position of Zhang.
ByteDance CEO Steps Down From His Role
This photo taken on April 23, 2018 shows CEO of Bytedance Zhang Yiming speaking during the 1st Digital China Summit in Fuzhou, in China's eastern Fujian province. - The Chinese billionaire CEO of Bytedance, the makers of video app TikTok, on May 20, 2021, said he will leave the role because he lacks managerial skills and preferred "reading and daydreaming" to running the tech giant. - China OUT
According to a report by Bloomberg on Wednesday, Nov.3, Zhang will be leaving as a chairman of the board occupied by representatives from the Sequoia Capital China and Susquehanna International Group, as per sources.
According to the persons who chose not to be unidentified, the 38-year-old Zhang's exit will not entirely remove him from the company. Instead, he will be focused more on constructing strategies for the firm's long-term plans.
When some representatives from ByteDance and Tiktok were asked about Zhang's decision, they chose not to give any comment about the news.
Following China's crackdown on several social media platforms, many tech companies have been affected by the regulation. Moreover, Bloomberg reported that the company was not yet ready to launch its initial public offering (IPO) after it suffered from the backlash in Beijing.
According to Late Post, a China-based news outlet, Zhang's net worth is approximately sitting at $44.5 billion at the time. The former ByteDance CEO has built the company for the past ten years.
Back in May, Zhang announced that he would be stepping down as the co-founder after he said that he fell short of his goals for the company. That month, he mentioned that he wanted to improve in areas such as social responsibility and strategic opportunities.
In another report by Reuters, Liang said that a huge organizational shuffle would result in the exit of TikTok CEO Shou Zi. The action took place for the CFO to focus more on the video-sharing platform.
Related Article: TikTok Owner ByteDance Wins First Mobile Game Hit; Bumps Annual Revenue to $34 Billion
Chinese Tech CEOs Are Stepping Down
Again, Bloomberg reported that besides Zhang, several tech founders declared resignation on their current posts. Last Week, Su Hua, the head of Kuaishou, confirmed that he would be replaced by Cheng Yixiao as the CEO.
Meanwhile, Chairman Richard Liu will give way to the new CEO of JD.com Inc. He said that he decided to step down to give more time to formulating long-term strategies for the firm.
Colin Huang, Pinduoduo's CEO, also confirmed his position as both chairman and CEO.
TikTok and US Over the Past Year
Last 2020, Tech Times reported that ByteDance's CEO disagreed with the decision of selling TikTok's US operations. The then-chief executive officer said that they are always following the rules for user data protection and transparency.
Zhang clarified that they were proposing new solutions to address the problem.
Elsewhere, the TikTok owner imposed a screen time limitation for under-14 Douyin users. The feature dubbed "Youth Mode'' will allow the children to access the video-sharing app for only 40 minutes a day.
Read Also: TikTok Ban: US Calls Bytedance CEO 'Mouthpiece' of Chinese Communist Party Over New Filing
This article is owned by Tech Times
Written by Joseph Henry
