ByteDance Limited, owner of popular video app, TikTok has announced that its co-founder, Zhang Yiming, would be stepping down as chief executive.
The Verge reported that Yiming, who co-founded ByteDance in 2012, will move to another position at the company while his partner, Liang Rubo, will become the new CEO.
In a lengthy internal letter released on Thursday, Yiming stated that he felt that he would be more effective in another role.
The outgoing CEO also explained that he has not challenged himself in a while as he fears that he was relying on the ideas that he had whilst she started the company.
“I worry I am still relying too much on the ideas I had before starting the company, and haven’t challenged myself by updating those concepts.”
“I think someone else can better drive progress through areas like improved daily management,” he continues. “The truth is, I lack some of the skills that make an ideal manager.
I’m more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people.
Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and daydreaming about what may be possible.”
On the other hand, Yiming described Liang as an “invaluable partner” with whom he had started discussions about taking over as ByteDance CEO back in March.
According to the company, the transition will take place over the next six months, and Zhang’s new role will focus on “long-term strategy, corporate culture, and social responsibility,” according to the company.
The announcement heralds a major change for ByteDance’s corporate leadership, but it shouldn’t affect the day-to-day operations of TikTok too much.
Last month ByteDance announced that former Xiaomi CFO Chew Shouzi would assume the role of dedicated TikTok CEO after having hired him in March to take over as CFO of the parent company.
Chew took over from Vanessa Pappas, who was running the company on an interim basis after former Disney executive Kevin Mayer left the role less than four months into his tenure.
Mayer’s decision was because of the US’s social network’s political difficulties, though the Trump administration’s attempts to ban it or force a divesture ultimately fizzled out.
