CEO of TikTok’s parent company resigns

Zhang Yiming, co-founder of Chinese internet technology empire ByteDance, will step down as CEO to move to a new position at the end of the year.

Zhang Yiming, co-founder of ByteDance. Photo: AFP

ByteDance on May 20 confirmed the above information. Mr. Liang Rubo, another co-founder of ByteDance, who is in charge of the human resources department, will hold the position of CEO of ByteDance, while Mr. Zhang Yiming will move to a key strategic position of the company. later this year.

“There’s still a lot we need to improve on and I think others can drive better development through areas like improving day-to-day management. The truth is that I lack some of the skills of a manager. ideal manager,” said Mr. Zhang Yiming in a notice sent to employees.

“I’m more interested in analyzing organizational and market principles, using these theories to ease the work of management, than actually managing people. Furthermore, I don’t like the social enjoys alone activities such as going online, reading books, listening to music, and daydreaming about what might happen,” said Zhang Yiming.

ByteDance said both co-founders Zhang Yiming and Liang Rubo “will work together over the next six months to ensure the transition is as smooth as possible”.

CEO Zhang Yiming’s resignation comes after nine months of turmoil for ByteDance since the company was identified by the administration of former US President Donald Trump as a national security threat. Washington also asked ByteDance to divest from the TikTok business in the US market.

TikTok is a very popular short video app developed by ByteDance. In February 2021, the Wall Street Journal reported that ByteDance’s agreement to sell TiKTok to two US businesses Oracle and Walmart had been postponed indefinitely.

Despite troubles in the US, ByteDance has not stopped expanding operations under CEO Yiming Zhang. ByteDance was founded in Beijing in 2012 with the launch of a platform for sharing jokes in the form of short videos, memes and articles.

In China, the short video application Douyin has hundreds of millions of users, and the international version of Douyin called TikTok is not inferior. In January 2021, ByteDance launched a new payment service on Douyin to test financial technology (fintech).

In March, ByteDance acquired domestic game developer Moonton to penetrate the lucrative mobile game market. This is also a move to challenge rivals like Tencent and NetEase.

ByteDance has made some adjustments to its operations management over the past few months. In August 2020, Kevin Mayer, the CEO of TikTok, resigned as Washington increased pressure on the social media app. TikTok US general manager Vanessa Pappas has temporarily assumed the role of CEO.

Last March, Mr. Chew Shou Zi, former chief financial officer of Xiaomi, was scouted by ByteDance for the position of chief financial officer. Last month, Mr. Chew was named CEO of TikTok, replacing Chief Operating Officer Vanessa Pappas.