Founder of TikTok owner ByteDance to step down as CEO

The big picture: The move follows a tumultuous few months for the Chinese-owned company, which former President Trump regularly criticized.

• Trump last year ordered TikTok to sell its U.S. operations to a domestic buyer, citing security fears.
• President Biden's administration has since paused negotiations.

What to expect: Zhang will move into a "key strategy" position later in the year.

• In the meantime, he and Liang "will work side by side over the next six months to ensure the smoothest possible transition," ByteDance said in the memo.

What they're saying: "There are still many things that we need to improve, and I think someone else can better drive progress through areas like improved daily management. The truth is, I lack some of the skills that make an ideal manager," Zhang said in the memo to employees.

• "I'm more interested in analyzing organizational and market principles, and leveraging these theories to further reduce management work, rather than actually managing people."

Of note: Last month, TikTok named ByteDance CFO Shouzi Chew as its CEO, and Vanessa Pappas, who previously served as interim head of the company, as the video-sharing platform's COO after TikTok's former CEO Kevin Mayer resigned during tensions with Trump.