According to what a person close to the matter said, Yiming Zhang who is the co-founder of the company named ByteDance has stepped down as the Chairman of the company and left the board.
Zhang of the top and most successful entrepreneurs of China. Earlier he exited the board of TikTok’s owner and is succeeded by Rubo Liang who the current CEO of ByteDance, the person said.
Previously this year, Zhang made an announcement that he will be stepping down from his position of CEO, that’s why is wasn’t really that surprising for everyone. Zhang fellow co-founder, Liang, who was at the position of head of human resources at the time, started his tradition into the role as soon as Zhang stepped down.
But along with that Zhang made it very clear that he would leave his position only at the end of this year 2021, but he didn’t mention about his plans to leave the board too ByteDance declined to comment on that.
According to a source familiar with the situation, Zhang will continue to work for the company in some capacity, but will concentrate on long-term strategy. The person added that the specifics of his new role are still unknown.
ByteDance is reorganising its operations in general, and this change is part of that.
TikTok, its sister platform Douyin, a line of education products, a gaming subsidiary, and two enterprise service divisions were among the six business units announced by the Beijing-based firm on Tuesday to employees.
Liang also informed employees in a memo that Chief Financial Officer Shouzi Chew would be stepping down from his current position to focus solely on TikTok. Chew joined TikTok earlier this year and was named the company’s CEO in April.
Zhang’s departure is the latest in a series of leadership changes at Chinese tech companies in recent months.