ByteDance, which owns TikTok, was shaken by the news of his resignation. The company’s CEO, Zhang Yiming, has announced that he will step down.
News of a departure has come from ByteDance, the parent company of the popular social media platform TikTok and one of the most valuable companies in the world. Zhang Yiming, CEO of the company and founder of TikTok at the same time, has resigned from his position.
CEO Yiming, who signed one of the company’s most valuable initiatives with the TikTok project, announced his resignation, citing the lack of some of his ideal executive skills. Yiming, who has been CEO since the company was founded in 2012, will be replaced by co-founder Liang Rubo.
In an internal letter made public by ByteDance, Yiming said he felt his position and how he could be more effective in another role. “I still have a lot of confidence in the ideas I had before I founded the company, and I worry that I am challenging myself by updating these concepts,” Zhang Yiming said.
Emphasizing that another person could have a better stake in the company’s progress, the CEO argued that he did not have ideal executive skills, such as analyzing organizational market principles. The CEO also said he enjoys solo activities, such as reading more books.
For new CEO Liang Rubo, who will replace him, he is an invaluable partner, Zhang Yiming said, adding that the change over the next six months will bring more advantages in focusing on long-term strategy, corporate culture, and social responsibility.
All these developments are not new to the China-based company. Last month, ByteDance said former Xiaomi CFO Chew Shouzi will take the CFO position at the parent company in March. However, shortly afterward, Shouzi was appointed CEO of TikTok.