Zhang Yiming, ByteDance's co-founder and current CEO, announced in a recent memo that he will be stepping down from the company.
He will step down end of 2021.
Key Highlights
- Current ByteDance co-founder and CEO, Zhang Yiming, announced that he will be stepping down effective end of 2021.
- His position will be replaced by HR chief, Liang Rubo, the company disclosed on Tuesday.
- In a memo shared by Zhang, he mentions that he feels that he "lacks some skills that make an ideal manager".
- Zhang will move to a "key strategy" position at the end of this year, according to a statement.
Why It Matters
- Zhang stepping down is one of the biggest corporate shake-ups in ByteDance's history, especially at a time when China's anti-trust regulators are stepping up their scrutiny on giant tech companies.
- ByteDance's apps are used by billions of users both worldwide and in China, giving the power tremendous influence in the social media space.
- Liang taking over the CEO position could be the "clean-slate" the company needs to continue it's aggressive growth worldwide.
