Zhang Yiming, the storied co-founder of ByteDance, is stepping down from his role as the CEO and passing the torch to Liang Rubo, another co-founder of the TikTok parent and one of the world’s most valuable internet juggernauts.

In an internal letter to employees, 38-year-old age Zhang said he is making the transition to spend more time on “long-term strategy, corporate culture, and social responsibility.”

Zhang will work side by side with Liang, currently ByteDance’s head of human resources and a friend from his university, over the next six months to ensure a smooth transition. Zhang will remain as a member of the board at ByteDance.

More to come…