ByteDance CEO Zhang Yiming to step down

BROADCAST AND DIGITAL RESTRICTIONS~

**Broadcasters: NONE Digital: NONE**~

The CEO of China's ByteDance, co-founder Zhang Yiming, is stepping down.

ByteDance owns TikTok - the short-video app that has become a global sensation.

Zhang made the announcement in an internal memo seen by Reuters on Thursday, and said he would be succeeded by co-founder and Head of Human Resources Rubo Liang.

The move is the biggest corporate shake-up at the company since its launch in 2012, and comes after several months of deliberation.

In his memo Zhang said he would have a greater impact on the company's longer-term initiatives if he transitioned out of the CEO role.

He also confessed to not being an ideal manager.

He wrote, "The truth is, I lack some of the skills that make an ideal manager. I'm more interested in analyzing organizational and market principles... rather than actually managing people."

Zhang also called his successor Liang an 'invaluable partner' and that the pair would work together over the next six months to ensure a smooth transition.