ByteDance founder Zhang Yiming steps down as chairman to focus on TikTok

New CEO Liang Rubo has replaced Zhang on the five-member board, according to sources

ByteDance’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 sources. Zhang, 38, will still be involved in formulating the tech firm’s longer-term strategy, the source said.

The world’s most valuable startup is making a bigger push into enterprise software after Beijing’s yearlong crackdown on the consumer internet and this