ByteDance founder Zhang Yiming will be stepping down as CEO later this year. ByteDance is best known as the owner of social media platform TikTok, but has also been making inroads into the video game industry with a number of acquisitions. 

The company recently purchased Shanghai-based developer Moonton Technoilogy and Red Alert Online creator C4games. It also invested $6 million into Czech mobile studio Madfinger Games through its Nuverse gaming division. 

Although he'll be stepping down as CEO, Zhang Yiming will remain at the company in a new role that focuses on "long-term strategy, corporate culture, and social responsibility." The outgoing chief exec will make the switch at the end of 2021, and will be replaced by ByteDance co-founder and HR boss Liang Rubo.