TikTok Founder Zhang Yiming quits as CEO, ByteDance; Rubo Liang takes over

Zhang Yiming, the cofounder of TikTok parent company ByteDance, is stepping down as CEO, Reuters reported. Zhang said ByteDance cofounder and HR chief Rubo Liang will transition into the CEO role over the next six months, the report noted. “I lack some of the skills that make an ideal manager,” Zhang wrote in a memo to employees. “I'm more interested in analyzing organizational and market principles; leveraging these theories to further reduce management work, rather than actually managing people. I am also not very social and I prefer solitary activities. Like being online, reading, listening to music, and contemplating what may be possible.”

Zhang wrote in the memo that Liang, whose most recent role at ByteDance was head of human resources, has been an invaluable partner; advancing the company's technology and hiring and managing people. He further added that he would work with Liang over the next six months to ensure a smooth transition.

What role he will take in the company is unknown as is the reason for the transition. Zhang, one of the wealthiest people in China, build ByteDance in 2012. He has a net worth of around $44.5 billion, Bloomberg estimates. Yet, Zhang is extremely private and little is known about his personal life.

Major management reshuffle in ByteDance and TikTok

ByteDance has had some management changes over the past few months. TikTok, in April, had appointed Shou Zi Chew, former CFO, ByteDance Ltd as CEO, TikTok. The move was in an attempt to stabilize the leadership ranks of the company. Chew stepped in as CEO of TikTok, while also continuing as ByteDance’s finance chief.

He replaced Vanessa Pappas who moved to an operating chief role at TikTok after her brief stint as TikTok’s interim head in August. She replaced Kevin Mayer ex-Disney exec who was TikTok CEO. He stepped down from his role as pressure from the US grew on the social media app.

ByteDance currently employs more than 100,000 people globally. This management reshuffling comes ahead of its IPO preparations which it halted in April.

The app faces a ban in India since June 29. 2020 amid India-China border tensions on LAC. The ban on these apps supported the Indian sentiment against China after 20 troops, including an Indian commanding officer, were killed in the face-off in Galwan valley.