Headlines From China: ByteDance Founder Zhang Yiming to Step Down as CEO

News Snapshot:

May 21, 2021 ByteDance Founder Zhang Yiming to Step Down as CEO ByteDance Ltd.’s co-founder Zhang Yiming announced that he will step down as CEO, signaling a major leadership shake-up at the 9-year-old technology firm that created global short-video sensation TikTok. The billionaire entrepreneur will be replaced by Liang Rubo, ByteDance’s head of human resources, according to a memo from Zhang published on the company’s blog. Zhang will remain at ByteDance, where he will focus on “longer-term initiatives” after stepping back from day-to-day responsibilities, he wrote. He did not say whether he would remain chairman of the firm, nor specify...