Photo: Bloomberg

ByteDance Ltd. founder Zhang Yiming will step down from his role as chief executive officer, handing the reins of TikTok’s owner to human resources chief Rubo Liang.

Zhang, who founded the Chinese startup in 2012, will focus on longer-term strategy, the company announced Thursday. Liang will take the reins of the world’s most valuable startup as it prepares for a highly anticipated initial public offering. Reuters first reported Zhang’s move.