Business

ByteDance founder Zhang Yiming steps down as chairman, leaves board



© Reuters. FILE PHOTO: Zhang Yiming, founder and world CEO of ByteDance, poses in Palo Alto, California, U.S., March 4, 2020. REUTERS/Shannon Stapleton

By Yingzhi Yang and Bhargav Acharya

BEIJING (Reuters) – ByteDance founder Zhang Yiming has stepped down as chairman of the TikTok proprietor, after saying in Could he would step down as CEO, an individual with direct information of the matter instructed Reuters, within the newest shake up on the tech large.

New CEO Liang Rubo has taken over as chairman of the corporate’s five-person board, which additionally contains Basic Atlantic, Sequoia Capital, Coatue Administration, and Susquehanna Worldwide Group, the particular person mentioned, including that the choice was made this 12 months.

It was not instantly clear when Zhang relinquished the chairman title and whether or not there have been any modifications to his greater than 50% voting rights on the firm.

ByteDance mentioned in Could that Zhang would transfer to a “key technique” place on the finish of the 12 months. The particular person mentioned that plan was unchanged. ByteDance didn’t instantly reply to a request for remark.

Zhang ‘s shock announcement in Could noticed his school roommate and co-founder Liang take the lead in navigating the corporate via a rising wave of recent laws focusing on Massive Tech.

The transfer comes after the corporate on Tuesday introduced a serious organisational reshuffle at ByteDance to create six enterprise items. It additionally mentioned that TikTok CEO Shou Zi Chew would step down as its dad or mum ByteDance’s chief monetary officer (CFO) to deal with operating the brief video platform full time.

Quite a lot of founders at a few of China’s most well-known tech corporations have in latest months given up overseeing every day operations amid a wide-ranging clampdown by Chinese language regulators on massive swathes of the financial system.

Final week, short-video apps proprietor Kuaishou mentioned its co-founder, Su Hua, had stepped down as CEO.

E-commerce firm Pinduoduo (NASDAQ:) founder Huang Zheng stepped down as chairman this 12 months, having earlier relinquished his CEO title. Alibaba (NYSE:) founder Jack Ma retired as chairman of the e-commerce large in 2019.

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