![\"\"](\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/04\/image-99-696x455.png\" "\\"Zhang")
One of the billionaire brainboxes behind TikTok is stepping down as Chief Executive Officer (CEO) of ByteDance, the Chinese company that owns the hit video app.<\/p>\n
Zhang Yiming, 38, said he will leave the role because he lacks managerial skills and preferred \u201creading and daydreaming\u201d to running the tech giant.<\/p>\n
He bows out with a net worth of $44.5billion, according to Bloomberg, placing him 31st on a list of the world\u2019s richest people.<\/p>\n
It follows a crackdown on China\u2019s booming tech sector by Beijing, which has levied heavy fines \u2014 including on Bytedance last month \u2014 for allegedly flouting monopoly rules.<\/p>\n
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Political leaders have also issued warnings to companies\u2019 billionaire digital bosses about their responsibilities to society.<\/p>\n
Zhang leaves the task of navigating tightening regulations on Big Tech worldwide to college roommate, long-time colleague and current human resources head Liang Rubo.<\/p>\n
In an employee memo on Thursday, Zhang said the change would \u201cenable me to have greater impact on longer-term initiatives.\u201d<\/p>\n
He will move to a \u201ckey strategy\u201d position at the end of the year, ByteDance said in a statement.<\/p>\n
MORE:<\/strong><\/p>\n Zhang, who did not address his role as chairman, in the memo called Liang \u201can invaluable partner\u201d with \u201cstrengths in management, organization, and social engagement.\u201d<\/p>\n ByteDance\u2019s biggest management shake-up since its launch in 2012 comes less than a month after its chief financial officer, Shouzi Chew, became CEO of flagship short-video app TikTok.<\/p>\n It also comes as Chinese regulators increase scrutiny of the country\u2019s biggest technology firms.<\/p>\n In April, they slapped e-commerce giant Alibaba with a $2.8billion fine for anti-competitive practices, and last year suspended fintech affiliate Ant Group\u2019s initial public offering.<\/p>\n Anti-trust regulators have also told Tencent they are preparing to fine the gaming giant as much as $1.55billion.<\/p>\n Zhang, who turned ByteDance into a social media force, in the memo said he was not a social person and lacked the skills of an ideal manager.<\/p>\n He also blamed the day-to-day challenges of a CEO as being a hurdle to research and innovation.<\/p>\n \u201cI\u2019m more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people,\u201d Zhang wrote in the memo.<\/p>\n \u201cSimilarly, I\u2019m not very social, preferring solitary activities like being online, reading, listening to music, and contemplating what may be possible.\u201d<\/p>\n Zhang owns 20 per cent to 30 per cent of ByteDance and holds over 50 per cent of voting rights.<\/p>\n <\/p>\n![\"TikTok](\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/04\/NINTCHDBPICT000633063468.jpg\")
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