TikTok Parent Company ByteDance's CEO and Founder Zhang Yiming Resigns

On May 20, Zhang Yiming, the founder of ByteDance and owner of TikTok since 2012, issued an internal letter to all employees announcing his resignation as CEO. Contemplating his leave since March of this year, Zhang expressed in the letter that he will focus on long-term visions including strategy, corporate culture and social responsibility. Liang Rubo, co-founder of ByteDance and head of the company's product R&D unit, will take over as the new CEO. Last month, Colin Huang, Chinese billionaire businessman and founder of e-commerce company Pinduoduo stepped down as company chairman. As Chinese internet and technology companies consolidate their market shares, the departures of founder may be signaling alternative market opportunities.