TikTok’s parent founder, Zhang Yiming has announced his resignation from the company stating that he needs to invest ample time in self-development.
Zhang Yiming is the founder of ByteDance Ltd, the makers of the short video app TikTok. ByteDance is the first truly global Chinese internet company. It was founded in 2012 but gained more recognition after launching TikTok in 2016. TikTok rose to become the most relevant and popular app when the covid19 pandemic hit. The app went viral with challenges, dances, do-it-yourself, mimicking and other addictive content for its users during the lockdown and has maintained its upward stride since.
Due to TikTok’s profit yielding, Zhang Yiming is currently the 30th richest man in the world with a $44 billion net worth. In March 2019, he had a net worth of $28 billion before the app’s widespread lockdown fame.
Explaining further the push for his resignation, Zhang in his official letter to employees said he’ll be stepping down as the CEO of ByteDance to invest time in exploring books and daydreaming.
“The truth is, I lack some of the skills that make an ideal manager. Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and daydreaming about what may be possible.” He said.
“Often, when companies mature and expand, many fall into the trap of the C.E.O. becoming overly central — listening to presentations, handling approvals, and making decisions reactively,” This leads to an over-reliance on existing ideas already in the company.” He added.
Yiming’s stepping down is not immediate but would take effect at the end of the year while the co-founder of ByteDance, Liang Rubo, also currently the head of human resources, will become the new CEO.
ByteDance has faced unappealing challenges with Yiming as CEO from within and outside China and subjected to draconian censorship laws. TikTok was even banned in India for what they acclaimed to be a breach of national security. But for what it’s worth, the company has pressed forward on its services.
