ByteDance CEO Zhang Yiming yesterday told employees of the company that he would be stepping down from that role by the end of the year, with his fellow co-founder and HR head Liang Rubo taking over the CEO position.
In an internal letter released by the company, Yiming explained that his day-to-day responsibilities as CEO had prevented him from focusing on the bigger picture, which is why he will transition to a new long-term strategy role within the company.
"I believe I can best challenge the limits of what the company can achieve over the next decade, and drive innovation, by drawing on my strengths of highly-focused learning, systematic thought, and a willingness to attempt new things," Yiming said.
He added, "After handing over my role as CEO, and removing myself from the responsibilities of daily management, I will have the space to explore long-term strategies, organizational culture and social responsibility, with a more objective perspective on the company."
ByteDance may be best known for its TikTok short-form video sharing platform, but the company has made several moves into the gaming sphere as well.
It owns a number of game development studios, including Ohayoo, Nuverse, and PixDance, and last year it established the Chinese game publisher Pixamin and launched its own casual game platform Danjuan Games.