Zhang Yiming has decided to step down from the CEO position of ByteDance, the world’s most valued startup firm. He officially announced this news and further added that he will leave the CEO post by the end of 2021. Zhang is also the co-founder of ByteDance, the parent company of short video giant tiktok. Liang Rubo, another co-founder of ByteDance, will be the new CEO of Tiktok parent firm once Zhang leaves the office.
Zhang will Leave CEO Office by the end of 2021
In an official mail to ByteDance employee, Zhang has revealed that he will leave the CEO post by the end of 2021. He further said that he plans to give more time to other ByteDance activities including long term strategy, corporate culture, and social responsibility.”
Zhang has also announced that Liang Rubo will take over the CEO designation from him. Zhang and Liang have a strong working bond. And in the future also, Zhang will work side by side with Liang to bring further growth to the highest valued startup in the world.
Zhang and Liang are not only co-founders of ByteDance, but they also studied together. Currently, Liang is working as the head of the human resources department.
In the next six months, both will work together for a smooth transition. Zhang will continue as the board member at ByteDance.
In his letter to the employees, Zhang also talked about his college days and how he thought about ByteDance in 2012. He also revealed that he predicted that machine learning is the future. It will change the way people consume content on the internet.
That is why he built one of the advanced algorithms for content distribution. And, it resulted in the most popular content distributors including Toutiao and Tiktok.
Why Zhang is Leaving CEO Post?
Recently, he is finding the CEO post quite boring without any innovative tasks.
“he was preoccupied with “listening to presentations, handling approvals, and making decisions reactively.”
He praised Elon Musk a lot for his out-of-the-box ideas and innovative technologies. And he knows that Elon did get all this success suddenly as people think.
“Innovation and success are rooted in years of exploring and imagining what is possible. However, few people have real insight into the future, preferring to model on current and past achievements.”
He further added:
“People are amazed by the success of electric cars, but they forget that Tesla is 18 years old and first experimented with laptop batteries to power its vehicles. People know about Apple’s software management tool HomeBrew, but few realize that computer geeks were discussing the Apple I in the HomeBrew Club in the 1970s.”
Zhang also understood that he is not fit for the managerial position. He feels happy when he does other works including analyzing organizational and market principles and leveraging these theories to further reduce management work, rather than managing people.
He said in the letter:
“Similarly, I’m not very social, preferring solitary activities like being online, reading, listening to music, and daydreaming about what may be possible.”