ByteDance Founder Hands Over To His Roommate, Steps Down As CEO

Zhang Yiming owner of TikTok’s parent company ByteDance, is stepping down as chief executive officer and leaving the task of navigating existing and upcoming Big Tech regulations worldwide to college roommate and current human resources head Liang Rubo.

In an employee memo circulated on Thursday, Mr Zhang said the change would “enable me to have greater impact on longer-term initiatives”.

Mr Zhang, who did not address his role as chairman, in the memo called Liang “an invaluable partner” with “strengths in management, organisation, and social engagement”.

ByteDance has had its share of management issues, But its change in leadership also comes as Chinese regulators increase scrutiny of the country’s biggest technology firms. In April, they slapped e-commerce giant Alibaba Group Holding Ltd with a $2.8 billion fine for anti-competitive practices, and last year suspended fintech affiliate Ant Group’s initial public offering.

Mr Zhang, who turned ByteDance into a social media force, described himself as more given to research and innovation saying that he was not a social person and lacked the skills of an ideal manager.

Mr Zhang owns 20 per cent to 30 per cent of ByteDance and holds over 50 per cent of voting rights. Mr Zhang explained that he will work with Mr Liang over the next six months to ensure a smooth transition. Whether he would give up his voting rights is still unknown.