Cambodia Compass report, 31th May - ByteDance Ltd., the parent company of popular short-video app TikTok, said that its founder Zhang Yiming would leave as CEO, making him the latest Chinese tech executive to retire as the government tightens its grip on the industry.
Mr. Zhang named co-founder Liang Rubo as his successor and said that he would be stepping down to focus on the company's long-term strategy.
Mr. Zhang said in a letter to staff on Thursday that the executive changeover will take six months. According to a spokeswoman for ByteDance, he will stay on the board of directors. Mr. Zhang wrote in the letter, "I feel I can best challenge the limits of what the company can do over the next decade, and drive innovation, by drawing on my skills of highly focused learning, systematic reasoning, and a willingness to try new things."
With a valuation of $180 billion as of December, Beijing-based ByteDance is one of China's most valued startups, with Carlyle Group and Sequoia Capital among its backers. TikTok became one of the first Chinese internet companies to develop a strong brand in the West, thanks to its popularity in the United States, Europe, and elsewhere.
Mr. Liang, the new CEO, inherits a corporation that is under increasing government pressure in China to keep in line.
Mr. Liang and Mr. Zhang have a good friendship. Mr. Liang graduated with a microelectronics degree from Nankai University, where they shared a dorm room. Before launching ByteDance, the two also co-founded a real estate-focused firm.
In a message to staff, Mr. Liang, the company's current head of human resources and management, wrote, "This is a major task for me, and the pressure is immense." He was also the company's chief of research and development at one point.
Source: Cambodia Compass comprehensive arrangement
Editor: Malinda Chief Editor: Sunnie General in Chief/Executive Producer: Nicole
Compass global site: Cambodia | Singapore | UAE | Thailand | Philippines | Myanmar | Laos
Disclaimer: The re-forward articles on Compass website are for the purpose of conveying more information, and it does not mean that the Compass website agrees with its views or confirms the authenticity of its content. Article noted as "Source: Compass original", please note that the source from Compass. The content of the article is for reference only and should not consider as investment advice, and it does not mean that Compass agree with its views.
0
+855 (0) 23222206 (CN/EN/KH)
+86 023 67480241 (CN)
+855 (0) 66400666 (CN/EN/KH)
cpassre@gmail.com
https://www.compass.com.kh
Office Building Ground floor, Kbal Dey No. 594, Street Wat Chas, Phum 01, Sangkat Chroy Changva, Khan Chroy Changva, Phnom Penh
Cambodia
