ByteDance Ltd.’s billionaire founder Zhang Yiming has stepped down as chairman, moving further away from the TikTok owner after announcing he was stepping down as chief executive officer in May.

See: ByteDance founder Zhang Yiming steps down as CEO ahead of IPO

New CEO Liang Rubo has replaced Zhang on the five-member board that also includes representatives from investors Susquehanna International Group and Sequoia Capital China, according to a person familiar with the matter. Zhang, 38, will still be involved in formulating the Chinese tech firm’s longer-term strategy, the person said, asking to not be identified discussing private matters.

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