<p>Zhang Yiming, the founder of ByteDance has stepped down as chairman of TikTok after announcing he would step down as CEO in May, a person with direct knowledge of the matter told Reuters.</p>

<p>New CEO Liang Rubo has taken over as chairman of the company's five-person board, which also includes General Atlantic, Sequoia Capital, Coatue Management, and Susquehanna International Group, the person said, adding that the decision was made this year.</p>

<p><strong>Also Read |&nbsp;</strong><a href="https://www.wionews.com/world/china-lambasts-us-for-backpedalling-on-climate-policies-after-biden-chided-jinping-426346"><strong>China lambasts US for 'backpedalling' on climate policies after Biden chided Jinping</strong></a></p>

<p>It was not immediately clear when Zhang relinquished the chairman title and whether there have been any changes to his more than 50 per cent&nbsp;voting rights at the company.</p>

<p>ByteDance said in May that Zhang would move to a "key strategy" position at the end of the year. The person said that plan was unchanged. ByteDance did not immediately respond to a request for comment.</p>

<p>Zhang's surprise announcement in May saw his college roommate and co-founder Liang take the lead in navigating the company through a rising wave of new regulations targeting Big Tech.</p>

<p>The move comes after the company on Tuesday announced a major organisational reshuffle at ByteDance to create six business units. It also said that TikTok CEO Shou Zi Chew would step down as its parent ByteDance's chief financial officer (CFO) to focus on running the short video platform full time.</p>

<p><strong>Also Read |<a href="https://www.wionews.com/world/china-opposes-us-revocation-of-china-telecom-licence-426306">&nbsp;China opposes US revocation of China Telecom licence</a></strong></p>

<p>A number of founders at some of China's most well-known tech companies have in recent months given up overseeing daily operations amid a wide-ranging clampdown by Chinese regulators on large swathes of the economy.</p>

<p>Last week, short-video apps owner Kuaishou said its co-founder, Su Hua, had stepped down as CEO.&nbsp;E-commerce company Pinduoduo founder Huang Zheng also stepped down as chairman this year, having earlier relinquished his CEO title. Alibaba founder Jack Ma retired as chairman of the e-commerce giant in 2019.</p>


Zhang Yiming, the founder of ByteDance has stepped down as chairman of TikTok after announcing he would step down as CEO in May, a person with direct knowledge of the matter told Reuters.

Zhang Yiming, the founder of ByteDance has stepped down as chairman of TikTok after announcing he would step down as CEO in May, a person with direct knowledge of the matter told Reuters. New CEO Liang Rubo has taken over as chairman of the company's five-person board, which also includes General Atlantic, Sequoia Capital, Coatue Management, and Susquehanna International Group, the person said, adding that the decision was made this year. Also Read | China lambasts US for 'backpedalling' on climate policies after Biden chided Jinping It was not immediately clear when Zhang relinquished the chairman title and whether there have been any changes to his more than 50 per cent voting rights at the company. ByteDance said in May that Zhang would move to a "key strategy" position at the end of the year. The person said that plan was unchanged. ByteDance did not immediately respond to a request for comment. Zhang's surprise announcement in May saw his college roommate and co-founder Liang take the lead in navigating the company through a rising wave of new regulations targeting Big Tech. The move comes after the company on Tuesday announced a major organisational reshuffle at ByteDance to create six business units. It also said that TikTok CEO Shou Zi Chew would step down as its parent ByteDance's chief financial officer (CFO) to focus on running the short video platform full time. Also Read | China opposes US revocation of China Telecom licence A number of founders at some of China's most well-known tech companies have in recent months given up overseeing daily operations amid a wide-ranging clampdown by Chinese regulators on large swathes of the economy. Last week, short-video apps owner Kuaishou said its co-founder, Su Hua, had stepped down as CEO. E-commerce company Pinduoduo founder Huang Zheng also stepped down as chairman this year, having earlier relinquished his CEO title. Alibaba founder Jack Ma retired as chairman of the e-commerce giant in 2019.

ByteDance founder Zhang Yiming steps down as chairman, leaves board: Source

<p>Let&#39;s hope Lord Ganesha, the remover of all obstacles, casts his benevolent gaze on Infosys&#39; board room!</p>

<p><strong>Make no mistake about it:</strong> Infosys Technologies Ltd., India&#39;s second largest software services exporter, is in deep, deep trouble. The tech giant parachuted its former Chief Executive Officer Nandan Nilekani as the Non-Executive Chairman on Thursday evening in a bid to suture a gaping corporate governance wound, assure angry investors and edgy staff that all will be well at the Bangalore-based bellwether stock.</p>

<p>&quot;I want to put this company on the right path&quot;, Nilekani, 62, told investors in a conference call. &quot;I plan to be here as long as necessary and work as hard as necessary&quot;,&nbsp;he added.&nbsp;</p>

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<h5>Over the past two years, Infosys&#39; creative juices have been sapped by a bitter and intensely public battle between its independent board and the founder N R Narayana Murthy on several pin pricks.&nbsp;</h5>
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<p>Nilekani, widely respected across the corporate and political spectrum and known as India&#39;s tech czar, has his task cut out. Over the past two years, Infosys&#39; creative juices have been sapped by a bitter and intensely public battle between its independent board and the founder N R Narayana Murthy on several pin pricks.&nbsp;</p>

<p>Murthy, who started Infosys in 1981 along with 6 others, including Nilekani, accused the board of a sharp drop in corporate governance, allegedly overpaying for an acquisition and, generally, deviating from &#39;Infosys&nbsp;culture and values&#39;. Though, the board denied all allegations publicly and vociferously.&nbsp;</p>

<p>The public spat resulted in the Infosys stock under performing its peers, the main indices and the broader market over the past 24 months. This attrition also prompted Chief Executive Officer Vishal Sikka to resign last week, citing &#39;continuous distractions&#39; as his reason for quitting. The embattled Chairman of the board, R. Seshasayee, and two other independent directors also put in their papers.&nbsp;</p>

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<h5>All Indian software companies, including Infosys, are also battling a hostile work environment in the US, where a large section of the political class accuses them of employing low-cost Indian tech workers instead of local professionals.</h5>
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<p>Nilekani&#39;s first task is to find a CEO for Infosys. It is a tough task in an environment when several founders together executed a coup on a competent board adorned with accomplished and seasoned professionals.</p>

<p>Infosys is also facing&nbsp;many&nbsp;headwinds. Its top line is near stagnant. The main market for its services, the United States, is head over heals in love with automation. All Indian software companies, including Infosys, are also battling a hostile work environment in the US, where a large section of the political class accuses them of employing low-cost Indian tech workers instead of local professionals.</p>

<p>Nilekani has to also alter a widely held perception that some founders, all of them above 55 at least, refuse to let go of Infosys and that they continue to engage in backseat driving at a time when the tech world is undergoing a massive shift. Cast a cursory eye across global tech companies and you will see 30-year-olds occupying the corner office. Decisions are taken at the spur of a moment, rivals are bought in seconds and business models are shed without batting an eyelid.</p>

<p>Now, contrast this with Infosys, where 71-year-old Murthy is alleged to have pushed the board to do his bidding under the threat of media attacks. Murthy denies all charges.</p>

<p>The other issue that Nilekani faces is that Infosys is no longer the market&#39;s darling. It&#39;s long reign as India&#39;s finest stock ended somewhere in the middle of the previous decade. In fact, seasoned investors have mostly ignored the boardroom tussle to an extent that 8-12 per cent drop in the stock&#39;s price refuses to attract sustained buying support.&nbsp;</p>

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<p>As a consequence, Infosys has had to resort to a costly buyback to retain its sheen as a bellwether stock. And, only those fund managers who are mostly obliged to purchase Infosys due to its heavy weighting in several indices wrote to the board to get Nilekani back on the saddle.</p>

<p>Is Nilekani up to these mountainous tasks? Can he get Infosys&#39; top customers to pay more? Can he convince investors to line up to buy the stock? Certainly, he can. The IIT-Bombay graduate ensured Infosys&nbsp;turnover grew sixfold to $3 billion during his 5-year stint as the CEO between 2002-07. Here&#39;s wishing him all the luck that Ganesha brings on this Chaturthi!</p>


"I want to put this company on the right path", says Infosys' new Non-Executive Chairman Nandan Nilekani.

Let's hope Lord Ganesha, the remover of all obstacles, casts his benevolent gaze on Infosys' board room! Make no mistake about it: Infosys Technologies Ltd., India's second largest software services exporter, is in deep, deep trouble. The tech giant parachuted its former Chief Executive Officer Nandan Nilekani as the Non-Executive Chairman on Thursday evening in a bid to suture a gaping corporate governance wound, assure angry investors and edgy staff that all will be well at the Bangalore-based bellwether stock. "I want to put this company on the right path", Nilekani, 62, told investors in a conference call. "I plan to be here as long as necessary and work as hard as necessary", he added. Over the past two years, Infosys' creative juices have been sapped by a bitter and intensely public battle between its independent board and the founder N R Narayana Murthy on several pin pricks. × Nilekani, widely respected across the corporate and political spectrum and known as India's tech czar, has his task cut out. Over the past two years, Infosys' creative juices have been sapped by a bitter and intensely public battle between its independent board and the founder N R Narayana Murthy on several pin pricks. Murthy, who started Infosys in 1981 along with 6 others, including Nilekani, accused the board of a sharp drop in corporate governance, allegedly overpaying for an acquisition and, generally, deviating from 'Infosys culture and values'. Though, the board denied all allegations publicly and vociferously. The public spat resulted in the Infosys stock under performing its peers, the main indices and the broader market over the past 24 months. This attrition also prompted Chief Executive Officer Vishal Sikka to resign last week, citing 'continuous distractions' as his reason for quitting. The embattled Chairman of the board, R. Seshasayee, and two other independent directors also put in their papers. All Indian software companies, including Infosys, are also battling a hostile work environment in the US, where a large section of the political class accuses them of employing low-cost Indian tech workers instead of local professionals. × Nilekani's first task is to find a CEO for Infosys. It is a tough task in an environment when several founders together executed a coup on a competent board adorned with accomplished and seasoned professionals. Infosys is also facing many headwinds. Its top line is near stagnant. The main market for its services, the United States, is head over heals in love with automation. All Indian software companies, including Infosys, are also battling a hostile work environment in the US, where a large section of the political class accuses them of employing low-cost Indian tech workers instead of local professionals. Nilekani has to also alter a widely held perception that some founders, all of them above 55 at least, refuse to let go of Infosys and that they continue to engage in backseat driving at a time when the tech world is undergoing a massive shift. Cast a cursory eye across global tech companies and you will see 30-year-olds occupying the corner office. Decisions are taken at the spur of a moment, rivals are bought in seconds and business models are shed without batting an eyelid. Now, contrast this with Infosys, where 71-year-old Murthy is alleged to have pushed the board to do his bidding under the threat of media attacks. Murthy denies all charges. The other issue that Nilekani faces is that Infosys is no longer the market's darling. It's long reign as India's finest stock ended somewhere in the middle of the previous decade. In fact, seasoned investors have mostly ignored the boardroom tussle to an extent that 8-12 per cent drop in the stock's price refuses to attract sustained buying support. Those fund managers who are mostly obliged to purchase Infosys due to its heavy weighting in several indices wrote to the board to get Nilekani back on the saddle. × As a consequence, Infosys has had to resort to a costly buyback to retain its sheen as a bellwether stock. And, only those fund managers who are mostly obliged to purchase Infosys due to its heavy weighting in several indices wrote to the board to get Nilekani back on the saddle. Is Nilekani up to these mountainous tasks? Can he get Infosys' top customers to pay more? Can he convince investors to line up to buy the stock? Certainly, he can. The IIT-Bombay graduate ensured Infosys turnover grew sixfold to $3 billion during his 5-year stint as the CEO between 2002-07. Here's wishing him all the luck that Ganesha brings on this Chaturthi!

Infosys shares look up as bloody boardroom battle ends

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ByteDance founder Zhang Yiming steps down as chairman, leaves board: Source

Infosys shares look up as bloody boardroom battle ends