ByteDance founder Zhang Yiming retreats from corporate roles as firm’s IPO plan remains in limbo
- Zhang Yiming has relinquished his role as the legal representative of three ByteDance-affiliated companies
- He will step down as chief executive of ByteDance at the end of this year
Also on Wednesday, Zhang gave up his legal representative roles at Tianjin ByteDance Management Consulting Co and Tianjin ByteDance Haihe Management Consulting Co. These two businesses are involved in corporate image strategy and marketing campaigns, according to company records on enterprise information portal Tianyancha.
Li Fei, who has been in charge of several education, social and gaming projects at ByteDance, has taken over as legal representative of those two companies.
Still, Zhang and his team at ByteDance have also received some welcome news.