ByteDance founder Yiming Zhang steps down as chairman

ByteDance co-founder Yiming Zhang has stepped down as the company's chairman and is leaving the board, according to a person close to the matter.

Zhang, one of China's most successful entrepreneurs, has exited the board of TikTok's owner, and is succeeded by Rubo Liang, ByteDance's current CEO, the person said.

The news wasn't a complete surprise. Earlier this year, Zhang had announced that he would be leaving the CEO position, citing a desire to step away from daily management. Liang, his fellow ByteDance co-founder who at the time served as head of human resources, began to transition into the role.