Wednesday, May 25, 2022
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TikTok Parent’s Founder Zhang Yiming to Step Down as CEO

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ByteDance Ltd., the owner of popular short-video app TikTok, said its founder Zhang Yiming would step down as chief executive, the latest Chinese tech boss to resign as the government ramps up pressure on the sector.

Mr. Zhang appointed co-founder Liang Rubo as his successor and said he was stepping aside to focus on long-term strategy.

Concerns about the Chinese company’s future in the U.S. have been fading as geopolitical uncertainty eases, only for Bytedance to face pressure at home.

The resignation of Mr. Zhang, 38 years old, follows those in March at financial-tech giant Ant Group Co. and e-commerce company Pinduoduo Inc. ByteDance had an executive shake-up in April, when Shou Zi Chew was named CEO of TikTok.

The executive transition will take place over six months, Mr. Zhang said in a letter to employees on Thursday. He will still remain on ByteDance’s board of directors, a spokesman said.

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