Zhang Yiming, the cofounder of ByteDance, the Chinese internet company that owns TikTok, is stepping down as CEO.
Zhang wrote a memo to employees saying that "To be honest, I lack some of the qualities that make a good manager. Rather than handling individuals, I'm more interested in analyzing organizational and business values and using these ideas to further minimize management work".
He further said, "I'm not very social, preferring solitary activities like being online, reading, listening to music, and contemplating what may be possible."
As per the sources, Zhang said, ByteDance cofounder and HR manager Rubo Liang will take over as CEO in the next six months.
Zhang, a 38-year-old software engineer who cofounded ByteDance in 2021, has amassed a net worth of $44.5 billion as per the Bloomberg Billionaire Index. Despite being one of China's richest individuals, Zhang is a very private person with little information about his personal life.