TikTok-parent ByteDance's billionaire Founder Zhang Yiming has stepped down as Chairman of the board, Bloomberg reported. He has been replaced by new CEO Liang Rubo. Earlier in May, Yiming had announced that he would step down as ByteDance CEO by 2021-end. ByteDance CFO Shou Zi Chew will reportedly be stepping down to focus on his role as CEO of TikTok.