Zhang Yiming

Zhang Yiming, the founder of ByteDance, a privately-held startup offering global creation and interaction platforms, will step down as CEO later this year as the company gears up for unprecedented changes, both at home and abroad.

In a recent internal letter to employees, 38-year-old Zhang, who previously founded several successful apps like TikTok, said he is making the transition to spend more time on "long-term strategy, corporate culture, and social responsibility."

"Although the business has been developing well, we hope that the company will continue to make greater innovations and breakthroughs, and become more creative and meaningful," he said.

According to the company, Liang Rubo, currently head of human resources of ByteDance, will take over as CEO and Zhang will move into a key strategy role by the end of this year.