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ByteDance Founder Steps Down as CEO Ahead of Mega IPO

  • Zhang Yiming cedes reins to trusted lieutenant Rubo Liang
  • The company is now exploring an IPO and major commerce foray
Bloomberg business news
WATCH: Zhang Yiming, founder of ByteDance Ltd., the owner of the popular short-video app TikTok, will step down from his role as CEO. Tom Mackenzie reports.(Source: Bloomberg)
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ByteDance Ltd. founder Zhang Yiming will cede the reins of TikTok’s owner to an old college roommate and lieutenant, stepping back from running the world’s most valuable startup ahead of its highly anticipated market debut.

Zhang will hand off the chief executive officer role at TikTok’s owner to human resources chief Rubo Liang, he announced in an internal memo posted online Thursday. The billionaire entrepreneur remains chairman but plans to relinquish most of his day-to-day duties because they were an increasing burden on his time, a person familiar with the matter said.