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 data of the matter advised Reuters, within the newest shake up on the tech big.
New CEO Liang Rubo has taken over as chairman of the corporate’s five-person board, which additionally consists of 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 latest rules concentrating on Massive Tech.
The transfer comes after the corporate on Tuesday introduced a serious organisational reshuffle at ByteDance to create six enterprise models. It additionally mentioned that TikTok CEO Shou Zi Chew would step down as its father or mother ByteDance’s chief monetary officer (CFO) to concentrate on operating the brief video platform full time.
A variety of founders at a few of China’s most well-known tech firms have in latest months given up overseeing every 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 big in 2019.
© Thomson Reuters 2021