China’s hottest news app Jinri Toutiao announces new CEO

TechCrunch | 11/17/2018 | Staff
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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 - Company - Spokesperson - TechCrunch - CEO

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 personalize content for users. Toutiao flew off the shelves and soon went on to incubate new media products, including a Quora-like Q&A platform and TikTok, known as Douyin in China.

Handover - Need - Zhang - Operations - Brainchild

The handover may signal a need for Zhang to step back from daily operations in his brainchild and oversee strategies for ByteDance, which has swollen into the world’s highest-valued startup. The company spokesperson did not provide further details on the reshuffle.

Toutiao itself is installed on over 240 million monthly unique devices, which makes it a top news aggregator in China, according to data analytics firm iResearch. TikTok and Douyin collectively command...
(Excerpt) Read more at: TechCrunch
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