Zhang Yiming, the co-founder of TikTok owner ByteDance, told employees of the Chinese technology giant in an internal memo seen by Reuters on Thursday that he will step down as chief executive, to be succeeded by co-founder Rubo Liang-his college classmate and currently ByteDance’s head-Human Resources.
Zhang will work side by side with Liang over the next six months to ensure a smooth transition. Zhang will remain as a member of the board at ByteDance, according to a report in TechCrunch.
In his memo, Zhang wrote: "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," Zhang was cited by Reuters.
Beijing ByteDance is one of China's largest media content platforms. It is most known for its news app Toutiao and social video app TikTok; its shareholders include Sequoia Capital China, according to Forbes.
