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ByteDance founder Zhang Yiming steps down as chairman: reports

ByteDance Ltd. founder Zhang Yiming has stepped down as chairman of the Chinese language tech big, based on reviews late Tuesday, months after resigning as CEO of the TikTok dad or mum.

CEO Liang Rubo will take Zhang’s place as chairman, Bloomberg News and Reuters reported, citing sources aware of the matter.

Earlier Tuesday, ByteDance introduced a plan to restructure the corporate into six enterprise segments. As a part of that reshuffling, the Wall Avenue Journal reported ByteDance Chief Financial Officer Shou Zi Chew would step down to give attention to his function as CEO of TikTok.

Zhang, 38, is the newest Chinese language billionaire to step away from the corporate they based, as China’s authorities tightens its grip on internet companies. Pinduoduo Inc.’s 
PDD,
-1.28%

 founder and chairman, Colin Huang, stepped down from the company in March, JD.com
JD,
-2.18%

founder and CEO Richard Liu stepped back from day-to-day handling of the company in September, and Kuaishou Know-how co-founder and CEO  Su Hua similarly stepped back last week.

Beijing-based ByteDance was fashioned in 2012, and its smash hit app, TikTok, has almost 700 million month-to-month customers. Privately held ByteDance was valued at $140 billion as of its final funding spherical, however according to Bloomberg News was privately valued round $250 billion earlier this 12 months.

Bloomberg’s Billionaires Index ranks Zhang the 31st wealthiest person in the world, with a fortune value about $44.5 billion.

https://www.marketwatch.com/story/bytedance-founder-zhang-yiming-steps-down-as-chairman-reports-11635909977?rss=1&siteid=rss | ByteDance founder Zhang Yiming steps down as chairman: reviews

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