Zhang Yiming, co-founder and chief executive officer (CEO) of video sharing app Tiktok parent company ByteDance, is about to resign.
He himself said on Thursday that he lacked the managerial skill to run the company. Yiming said that he will emerge in a new role by the end of the year, focusing on long-term strategy. Yiming will be replaced by the company’s second co-founder, Liang Rubo. Rubo is currently the head of HR department of ByteDance.
“The truth is, I lack some of the skills that make an ideal manager. I’m more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people,” Zhang wrote.
“Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and contemplating what may be possible,” he added.
Significantly, China’s left government has tightened the rules on the fast growing tech sector last month. Also put a fine on it. Among the companies that have been fined, the name of Bytedance is also included. These companies are accused of monopoly.
Earlier, the Ministry of Electronics and Information Technology (MeitY) had sent notice to 59 Chinese apps including TikTok and banned them forever in India. A questionnaire was submitted by the government to all these companies, to which they did not give satisfactory answers. All of them were accused of posing a threat to India’s national security, unity and integrity.
China has suffered heavy losses due to the ban of Chinese apps. In July 2020, China’s mouthpiece “Global Times:” admitted that TikTok’s parent company Bytedance lost $ 600 million (about Rs 45300 crore according to the currency exchange at the time) after it was banned in India.
