Byte Dance which is a parent company of popular short-video app TikTok which has a huge market worldwide. The popular application was banned in India and was about to be banned in the United States. Recently the founder of TikTok and the CEO of ByteDance had announced that he is going to quit from his positions as a CEO. Let’s look at the reason why he decided to quit from the post of CEO of ByteDance?
ByteDance is an international internet technology company that is based in China. The company was founded in the year 2012 and has its headquarters in Beijing and it is legally domiciled in the Cayman Islands.
ByteDance is the developer of TikTok and Douyin who are video sharing social networking services. In the year 2017, the company had acquired Musical.ly which was a famous social media startup and combined it with TikTok.
As of 2018 the company had around 800 million daily active users. As of March 2021, the company has a valuation of more than USD 250 billion.
Why Zhang Yiming is Stepping down as Bytedance's CEO?
Zhang Yiming was the founder of TikTok and he is currently the CEO of ByteDance. He is one of the major pioneers behind making the tech giant successful and making it one of the biggest names in Chinese tech.
Yiming had announced that he will be stepping down from the post of CEO. He had announced that in an internal memo sent to the employees on 19 May 2021. The major reason for stepping down from the position as mentioned is that he lacks some of the skills required by an ideal manager.
He added that, he is more interested in analyzing the principles related to the market and organizations and to leverage these theories which will help in reducing the works related to management rather than managing people.
He also conveyed that he would prefer reading and day dreaming than running the tech giant. He added that he would transition to a new role by the end of 2021 where he would concentrate on long-term strategy, social responsibility and corporate culture.
Who will be the Next CEO of ByteDance?
Zhang Yiming has conveyed that he will be handing the position of CEO to Liang Rubo who is co-founder and the HR head of ByteDance. In order to ensure a smooth transition, the two men are looking forward to working together for the next 6 months.
According to the memo received by the employees, Yiming has communicated that Liang Rubo would be better with his strengths in management, organization and social engagement.
Liang Rubo had prior experience as he was the head of the R&D of Lark and Efficiency Engineering and he currently is the head of HR and marketing role as the company had scaled up at an incredible level on a global basis.
How much is Zhang Yiming worth?
The net worth of Zhang Yiming is 3600 crore.
When was ByteDance founded?
ByteDance was Founded in 2012.
Who is CEO of ByteDance?
The new CEO of ByteDance is Liang Rubo.
This is considered to be another big change in the upper management as the TikTok CEO had quit back in 2020 just 4 months after he was appointed to the new position. The popular social network application is being banned in India and there is no information about the lifting of the ban.