ByteDance founder Zhang steps down

Beijing: Chinese tech unicorn ByteDance Ltd co-founder billionaire Zhang Yiming on Thursday announced that he will step down as CEO, in a surprise move that signalled a major leadership shake-up at the nine year-old technology firm which created popular global short-video app TikTok.

Zhang, 38, who is one of China's wealthiest entrepreneurs, said he is ready to step down after nearly a decade of running the world's largest unicorn, becoming the latest among the country's technology founders to quit in their prime.

Zhang will step down from his role as CEO of the Beijing-based ByteDance, giving up his day-to-day responsibilities to "be more impactful on longer-term initiatives," the Hong Kong-based South China Morning Post quoted the company announcement on Thursday.

"The truth is, I lack some of the skills that make an ideal manager. I'm more interested in analysing organisational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people," Zhang wrote in a message on the company's website.

"Similarly, I'm not very social, preferring solitary activities like being online, reading, listening to music, and contemplating what may be possible," he said.