This archive report was first published on 20 May 2021.
ByteDance, the Chinese internet conglomerate behind TikTok, has announced that its CEO Zhang Yiming will step down at the end of the year to focus on long-term strategy.
According to a letter to employees dated Wednesday, Mr. Zhang will hand over his role as CEO and remove himself from daily management responsibilities, allowing him to explore long-term strategies, organizational culture, and social responsibility with a more objective perspective.
Mr. Zhang, 38, is also ByteDance's chairman, but the letter did not address whether the leadership transition would affect his role in that position.
ByteDance, founded in 2012, is China's first truly global internet company, with TikTok achieving a level of commercial success and cultural influence that none of the country's other tech powerhouses have managed outside China's borders.
Co-founder Liang Rubo will take over as CEO, marking a significant change in leadership for the company.
