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ByteDance founder Zhang Yiming steps down as chairman amid reshuffle


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GUANGZHOU, China — ByteDance founder Zhang Yiming has stepped down as chairman, as the company continues to reorganize its business, a person with direct knowledge of the matter told CNBC.

TikTok is a popular app for short videos, and ByteDance has TikTok.

Zhang announced his resignation as the CEO of ByteDance in MayHe stated that he will be moving into a strategic role in the coming year.

Liang Rubo will assume the position of chairman after he took over as CEO.

CNBC reached out to ByteDance for comment.

This move follows a massive reorganization of ByteDance earlier this week. Shou Zi Cheng, joined ByteDance as CFO from smartphone maker Xiaomi in March, will step down from his role as finance chief to focus full time on his other job as CEO of TikTok

The Beijing-headquartered firm has also created six business units to focus on different areas from gaming to enterprise software.

Zhang declared his intention to resign as CEO of the company in May. He stated in an email to employees that he believes someone else could “better drive forward through areas such as improved daily management.”

He stated that “the truth is that I do not have the skills necessary to make an excellent manager.”

ByteDance got caught up in the geopolitical crossfires after President Donald Trump called the company an “national security threat” and made it difficult to regulate. force it to sell its U.S. operationsIt was. This did not occur in the end.

After a series of reorganizations at Chinese businesses in which founders had to step back from day-to-day duties, ByteDance now has a reorganization.

Su Hua (co-founder of TikTok) was last week. KuaishouHe resigned as CEO, but was still chairman. Richard Liu, founder of the e-commerce company, stepped down as CEO but remained chairman. stepped back from day-to-day operationsTo focus on long-term strategies for the company.