ByteDance Founder Mentioned to Step Down as Chairman, Leaves Board
ByteDance founder Zhang Yiming has stepped down as chairman of the TikTok proprietor, after pronouncing in Would possibly he would step down as CEO, an individual with direct wisdom of the subject informed Reuters, in the most recent shake up on the tech massive.
New CEO Liang Rubo has taken over as chairman of the corporate’s five-person board, which additionally contains Basic Atlantic, Sequoia Capital, Coatue Control, and Susquehanna Global Team, the individual stated, including that the verdict used to be made this yr.
It used to be now not right away transparent when Zhang relinquished the chairman identify and whether or not there were any adjustments to his greater than 50 p.c balloting rights on the corporate.
ByteDance stated in Would possibly that Zhang would transfer to a “key technique” place on the finish of the yr. The individual stated that plan used to be unchanged. ByteDance didn’t right away reply to a request for remark.
Zhang ‘s marvel announcement in Would possibly noticed his faculty roommate and co-founder Liang take the lead in navigating the corporate thru a emerging wave of latest rules focused on Large Tech.
The transfer comes after the corporate on Tuesday introduced a big organisational reshuffle at ByteDance to create six trade gadgets. It additionally stated that TikTok CEO Shou Zi Chunk would step down as its guardian ByteDance’s leader monetary officer (CFO) to concentrate on working the quick video platform complete time.
A lot of founders at a few of China’s maximum well known tech corporations have in contemporary months given up overseeing day-to-day operations amid a wide-ranging clampdown via Chinese language regulators on massive swathes of the economic system.
Final week, short-video apps proprietor Kuaishou stated its co-founder, Su Hua, had stepped down as CEO.
E-commerce corporate Pinduoduo founder Huang Zheng stepped down as chairman this yr, having previous relinquished his CEO identify. Alibaba founder Jack Ma retired as chairman of the e-commerce massive in 2019.
© Thomson Reuters 2021
