Bulletins

ByteDance's CEO is stepping down

"The truth is, I lack some of the skills that make an ideal manager."

​ByteDance CEO Zhang Yiming (left) and his successor, Liang Rubo (right).

ByteDance CEO Zhang Yiming (left) and his successor, Liang Rubo.

Photo: ByteDance

Zhang Yiming, the CEO and co-founder of ByteDance, announced on Wednesday that he's stepping down from his job. Liang Rubo, a ByteDance co-founder and the company's current HR head, will become the new CEO.


In a letter to ByteDance's team, Zhang said that he felt he'd been underperforming. "Frankly, I feel I did not achieve as much as I had hoped to on my previous objectives in the areas of new strategic opportunities, organizational management, and social responsibility," he wrote. "Since the beginning of this year, I've spent a lot of time thinking about how to better drive real long-term breakthroughs, which cannot simply rely on steady, but incremental, progress." By stepping out of the CEO role, he said, he hoped he could get back to dreaming bigger and planning the company's next decade.

While Zhang attributed the change to his own desires and lack of managerial skills, it has clearly been a tumultuous year at ByteDance. The last few weeks have seen a lot of change at the top of ByteDance, with Shouzi Chew being named TikTok's new CEO at the end of April. Rumors have swirled for months that ByteDance is preparing for an enormous IPO, alongside reports that those plans have been waylaid by tensions between the Chinese government and some of the country's largest tech companies.

The CEO transition will happen over the next six months, Zhang said.

Theranos 'valued PR' over patients, an ex-employee says

Adam Rosendorff said he felt pressured to vouch for tests he did not have confidence in. His testimony appeared to tie Holmes more closely to the lab's failures.

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Photo: Jane Tyska/Digital First Media/The Mercury News via Getty Images

Former Theranos lab director Adam Rosendorff testified Friday that he repeatedly raised the alarm about bad blood tests to then-CEO Elizabeth Holmes, ultimately concluding that the company valued press and funding more than the patients.

"I was very enthusiastic working at Theranos in the beginning. Over time, I came to realize that the company really valued PR and fundraising above patient care, and I became very disillusioned," Rosendorff said on the witness stand inside the San Jose courtroom where Holmes' trial on fraud charges began this month.

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Biz Carson

Biz Carson ( @bizcarson) is a San Francisco-based reporter at Protocol, covering Silicon Valley with a focus on startups and venture capital. Previously, she reported for Forbes and was co-editor of Forbes Next Billion-Dollar Startups list. Before that, she worked for Business Insider, Gigaom, and Wired and started her career as a newspaper designer for Gannett.


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