China’s 38-year-old ByteDance CEO Zhang Yiming has announced to resign from the position. Zhang also founded ByteDance, who is the owner of TikTok, nine years ago. This decision comes as a shock to his co-workers as the company was on the rise and doing quite well. Zhang said that he wishes to transition to a new role in the company by the end of the year in his defense.
In a letter that Zhang wrote to his employees, he explained that he had given the decision thought. The letter was also publicly posted by the company. He felt that there is need for him to focus on more effective long-term strategies. After several months of thinking, Zhang decided to leave his daily activities. He wanted to focus on long-term initiatives. Zhang expressed himself as someone who lacks the characteristics of an ideal manager. Zhang considers himself not socially active. He prefers listening to music, reading, and staying online as his solitary activities.
ByteDance CEO Succession
The succession of Zhang as CEO will be by Liang Rubo, the company’s head of human resources. Rubo is also a co-founder of ByteDance.
- Tiktok And Its Battle With USA
In 2017, in a deal for musical.ly, a video-sharing app helped ByteDance gain global recognition. ByteDance also merged the app with TikTok making it a popular Chinese flagship app. It has gained popularity even outside China. Despite receiving rejection by the United States, TikTok remains popular. The country alone has over 100 million users. These huge step-ups were a result of acquisitions overseen by the young CEO. Zhang started as a software engineer. He ended up running a larger platform under a complex political environment. The regulatory nature was also extreme at the time.
- Switching Career Paths
However, Zhang is not the first to make such a decision. Others before have stepped down from executive positions to pursue a different path during their careers. Colin Huang Zheng, a 41-year-old, also announced that he would be stepping down as chairman in March. Coli is the founder of Pinduoduo and wants to pursue being a scientist. Like Zhang, other entrepreneurs have left executive positions to pursue other goals. This is even after they built firms from grass to complex platforms in the market sector.
There are possible risks of tech leaders getting caught up in a crackdown. This occurs due to maintaining close ties with their firms. Despite that, Zhang Yiming still maintains his decision of stepping down as CEO.