ByteDance founder Zhang Yiming has stepped down as chairman of the TikTok proprietor, after saying in Might he would step down as CEO, an individual with direct information of the matter informed 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 Might 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 Might noticed his faculty roommate and co-founder Liang take the lead in navigating the corporate by means of a rising wave of recent laws focusing on Huge Tech.
The transfer comes after the corporate on Tuesday introduced a significant organisational reshuffle at ByteDance to create six enterprise models. It additionally mentioned that TikTok CEO Shou Zi Chew would step down as its mum or dad ByteDance’s chief monetary officer (CFO) to concentrate on operating the quick video platform full time.
A variety of founders at a few of China’s most well-known tech firms have in current months given up overseeing each day operations amid a wide-ranging clampdown by Chinese language regulators on massive swathes of the economic system.
Final week, short-video apps proprietor Kuaishou mentioned its co-founder, Su Hua, had stepped down as CEO.
E-commerce firm Pinduoduo founder Huang Zheng stepped down as chairman this 12 months, having earlier relinquished his CEO title. Alibaba founder Jack Ma retired as chairman of the e-commerce large in 2019.
© Thomson Reuters 2021
