You may not have heard of ByteDance, but you probably know its red-hot video app TikTok, which gobbled up Musical.ly in August. The Beijing-based company also runs a popular news aggregator called Jinri Toutiao, which means “today’s headlines” in Chinese, and the app just assigned a new CEO.
At a company event on Saturday, Chen Lin, an early ByteDance employee, made his first appearance as Toutiao’s new CEO. That means Toutiao’s creator Zhang Yiming has handed the helm to Chen, who previously headed product management for the news app.
Zhang’s not going anywhere though. A company spokesperson told TechCrunch that he remains as the CEO of ByteDance, which operates a slew of media apps besides TikTok and Toutiao to lock horns with China’s tech giants Baidu, Alibaba, and Tencent.
The story of ByteDance started when Zhang created Toutiao in 2012. The news app collects articles and videos from third-party providers and uses AI algorithms to…