ByteDance Ltd.¡¯s billionaire founder Zhang Yiming has stepped down as chairman, months after resigning as chief executive officer of the TikTok owner that¡¯s seeking to reposition itself amid China¡¯s crackdown on its internet industry.
New CEO Liang Rubo has replaced Zhang on the five-member board that also includes representatives from investors Susquehanna International Group and Sequoia Capital China, according to a person familiar with the matter. Zhang, 38, will still be involved in formulating the Chinese tech firm¡¯s longer-term strategy, the person said, asking to not be identified discussing private matters.
Representatives from ByteDance and TikTok declined to comment.
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