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CEO and co-founder of TikTok’s owner ByteDance announced that he will be stepping down and transmuting to a new role by almost the end of the year.
In a letter to the employees, Zhang Yiming mentioned that he will be succeeded by the fellow co-founder Rubo Liang. However, this marks the biggest shake-up at the Chinese technology giant which launched almost a decade ago. Well, TikTok’s popularity which popularity has helped in becoming a global sensation which has also drawn scrutiny.
Mr. Zhang wrote on the company site, “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 contemplating what may be possible.”
Mr. Zhang mentioned that his successor Rubo Liang has also been “an invaluable partner”, by developing the firm’s technology as well as hiring and even managing employees. However, Mr, Liang’s current role at the ByteDance was head of Human Resource.
The letter also portrays that the transformation in leadership will take place in the next six months to confirm a smooth evolution.
Beijing-based ByteDance shaped the global smash-hit app TikTok, which has an expected 700 million active monthly users.
Its enormous reputation has intended it has been analyzed by governments globally, comprising in America and China.
During his presidency, Donald Trump frequently attacked ByteDance, reproachful TikTok of being a risk to US national security.
Politicians and officials elevated concerns about users’ personal data being passed to the Chinese government. TikTok deprived of allegations it shared user data.
ByteDance was one of 13 online platforms in the last month called on by Chinese regulators to obey tighter guidelines in their financial divisions, as part of a comprehensive push to bridle in technology companies.
For several years, Beijing took a hands-off tactic to inspire the technology firms to develop but official scrutiny of their platforms has trod up as they have branched out into financial services.
The People’s Bank of China mentioned in a statement, “Internet platforms have played an important role in improving the efficiency of financial services and broadening the access of financial services to more people.”
Also, it added, “At the same time, some financial services were running without licenses, and there are serious rule violations in areas such as regulatory arbitrage, unfair competition, and damaging consumers’ interests.”
