Founder of TikTok owner ByteDance resigns as CEO

ByteDance’s CEO has announced he’s stepping down from his role leading the company whose success with TikTok led it to become the world’s most valuable startup. Zhang Yiming, who co-founded ByteDance in 2012, will move to another position at the company, and fellow co-founder Liang Rubo will become the new CEO. Liang presently runs HR at ByteDance.

In a lengthy internal letter that ByteDance later made public, Zhang ruminated on his position and how he feels he’d be more effective in another role. Zhang says “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...

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