ByteDance ByteDance Ltd.’s billionaire founder Zhang Yiming has stepped down as the chairman of the company, media reports said.
He took the step just months after resigning as chief executive officer of the TikTok owner.
New CEO Liang Rubo has replaced Zhang on the five-member board that also includes representatives from investors Susquehanna International Group and Sequoia Capital China, according to a person familiar with the matter, reports Bloomsberg.
Zhang, 38, will still be involved in formulating the Chinese tech firm’s longer-term strategy, the person told the news portal, asking to not be identified discussing private matters.
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