TikTok’s parent company ByteDance will have a new boss from the end of this year, with the company’s founder Zhang Yiming announcing his plans to step down from the CEO role. Co-founder and current HR chief Liang Rubo will step up to CEO as part of the transition, with Yiming shifting to a role “focusing on long-term strategy, corporate culture, and social responsibility”.
He explained his reasons in a letter to staff. “I worry that I am still relying too much on the ideas I had before starting the company, and haven’t challenged myself by updating those concepts,” wrote Yiming. “I believe I can best challenge the limits of what the company can achieve over the next decade, and drive innovation, by drawing on my strengths of highly-focused learning, systematic thought, and a willingness to attempt new things.” The news follows the recent appointment of ByteDance’s chief financial officer, Shouzi Chew, as CEO of TikTok.