One of the billionaire co-founders of TikTok, Zhang Yiming, is stepping down as CEO of ByteDance, the Chinese company that owns the short video app, TikTok.
Yiming has announced his resignation from the company over his lack of managerial skills while stating that he needs to invest ample time in self-development.
He added that he preferred "reading and daydreaming" to running the tech giant.
According to Bloomberg, he resigns with a net worth of $44.5 billion, making him 31st on a list of the world's richest people.
On Monday, Zhang announced his resignation in an official letter to his employees. he reiterated that he lacked some skills that will make him an ideal manager.
"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.
“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 said.
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 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 Covid-19 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.
According to another report in Tech City, 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.