ByteDance’s Founder Zhang Yiming Steps Downs as Chairman TikTok-Parent

ByteDance founder Zhang Yiming has stepped down as chairman of the TikTok owner, once expression in may he would step down as chief operative officer, somebody with direct info of the matter told Reuters, inside the newest shake up at the college massive. New chief operative officer Liang Rubo has confiscate as chairman of the company’s five-person board, that to boot includes General Atlantic, cypress Capital, Coatue Management, and Susquehanna International cluster, the person same, adding that the selection was created this year.

It was not sort of a shot clear once Zhang relinquished the chairman title and whether or not or not there ar any changes to his over greenback alternative rights at the company. ByteDance same in may that Zhang would move to a “key strategy” position at the tip of the year.

The person same that established was unchanged. ByteDance didn’t sort of a shot answer letter of invite for comment. Zhang’s surprise announcement in may saw his school friend and co-founder Liang take the lead in navigating the company through a rising wave of latest laws targeting large college.

The move comes once the company on weekday announced a major organisational reshuffle at ByteDance to create six business units. It to boot same that TikTok chief operative officer Shou Zi Chew would step down as its parent ByteDance’s chief soul (CFO) to specialise in running the short video platform full time. style of founders at variety of China’s most well-known college corporations have in recent months given up overseeing daily operations amid a wide-ranging limitation by Chinese regulators on large swathes of the economy.

Last week, short-video apps owner Kuaishou same its co-founder, Su Hua, had stepped down as chief operative officer. E-commerce company Pinduoduo (PDD.O) founder Huang Zheng stepped down as chairman this year, having earlier relinquished his chief operative officer title. Alibaba founder Jack Ma retired as chairman of the e-commerce massive in 2019.

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