ByteDance's billionaire co-founder Zhang Yiming steps down as chairman following company reshuffle: reports

• ByteDance founder Zhang Yiming has relinquished his seat as chair of the company's board.
• Zhang said he was stepping down as the CEO of ByteDance in May, as he's not an "ideal manager."

ByteDance co-founder Zhang Yiming has stepped down from his role as chairman of the board of the tech company, according to reports.

ByteDance is the parent company of TikTok, which earlier this week announced a significant company reshuffle. TikTok CEO Shou Zi Chew stepping down as ByteDance's CFO so he can focus on the short-form video platform full-time, Reuters reported yesterday.

New ByteDance CEO Liang Rubo will reportedly replace Zhang on the five-member board that includes investors Susquehanna International and Sequoia Capital China.

News of Zhang stepping down from ByteDance's board was first reported by the Chinese business news outlet Late Post last night.

Zhang will still be involved in the company's long-term strategy, Bloomberg reported, citing a person familiar with the matter.

Zhang said he was stepping down from his role as CEO of ByteDance in May, saying he's not an "ideal manager."

The recent reorganization in ByteDance comes amid a wide-ranging crackdown the tech sector in China, which reportedly prompted the company to hold off on an offshore IPO.

ByteDance did not respond immediately to an Insider request for comment.