ByteDance Ltd.’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 a person familiar with the matter. Zhang, 38, will still be involved in formulating the Chinese tech firm’s longer-term strategy, the person said, asking to not be identified discussing private matters.
Representatives with ByteDance and TikTok declined to ...
