Zhang Yiming, the 38 years old CEO of Bytedance, which is the parent company of popular social media app, TikTok, has made public his intention to step down from his role as the CEO of the company. According to Reuters, which quoted a statement from ByteDance, Zhang said the change would enable him “to have greater impact on longer-term initiatives.” He will move to a “key strategy” position at the end of the year.
READ: TikTok’s owner seeks $60 billion valuation in US deal as Oracle, Walmart take stakes
Zhang Yiming’s reason for stepping down as CEO
Zhang Yiming, in a letter, pointed out the reasons for his decision to step down and pass the CEO position to his long-time colleague and college roommate, Liang Rubo, who is currently the head of human resources at Bytedance. Here are his reasons:
- Zhang Yiming believes he is not well-suited for the role. He is not a social person and doesn’t like attending events. In his words, he prefers “solitary activities like being online, reading, listening to music, and contemplating what may be may be possible.”
- He believes Liang Rubo is more suited for the role of CEO.
- Zhang wishes to spend more time on long-term strategy, corporate culture, and social responsibility.
READ: TikTok’s parent company, Bytedance now more valuable than Coca Cola and Exxon Mobil
What you should know
Zhang Yiming is the 39th richest man in the World with a net worth of $36 billion.
He is the founder of Bytedance a tech startup that is now more valuable than the global energy giant, Exxon Mobil.
Zhang is super correct. As the owner of byte dance, being also a CEO will not let him delve into other valuable opportunities or oversee fully the company’s operations.