ByteDance co-founder Zhang Yiming to step down as CEO

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Zhang Yiming, co-founder of TikTok owner ByteDance, told employees of the Chinese technology giant in a memo that he will step down as chief executive and be succeeded by co-founder Rubo Liang, the company disclosed on Thursday.

The move, first reported by Reuters, represents the biggest corporate shake-up at ByteDance since its launch in 2012. The company grew to become a dominant social media force in China and turned TikTok, a short-video app popular with teenagers, into a global sensation.