- TikTok approached Instagram co-founder Kevin Systrom about becoming the app’s next CEO, The New York Times reported Thursday.
- Kevin Mayer, TikTok’s last CEO, resigned in late August after three months.
- However, as TikTok parent companies ByteDance, Oracle, and the U.S. government consider the terms of the contract to circumvent U.S. bans, finding a new CEO may be a priority. According to the report, TikTok will be split into its own company with a board made up of an American CEO and mostly Americans.
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Instagram co-founder Kevin Systrom approached TikTok as a candidate to become CEO. The New York Times reported On Thursday.
TikTok didn’t have a CEO. From the end of August, When Kevin Mayer resigned after three months. However, under the terms of the contract to keep TikTok in the U.S., the company must have a U.S. CEO who will show its separation from its Chinese parent company ByteDance. Vanessa Pappas, U.S. general manager of TikTok, has served as CEO since Mayer’s resignation.
According to The Times, the conversation between TikTok and Systrom is “preliminary” and no final decision has been made. Systrom co-founded Instagram in 2010, and served as CEO of the photo-sharing app through the Facebook acquisition until resigning with Mike Krieger, another co-founder of Instagram in September 2018.
Here’s a clear picture of TikTok’s restructuring, designed to alleviate the U.S. government’s national security issues. Appears only this week. As part of the deal, TikTok will be disbanded into its own U.S.-based company, and U.S.-based investors will have the majority of ownership in ByteDance. Oracle is expected to have a 20% stake, while Wal-Mart and other investors are expected to have a smaller stake.
According to the report, as part of a deal that requires approval by President Donald Trump and the Chinese government, TikTok must hire a board of directors consisting mostly of American CEOs and Americans.
TikTok had no global CEO until Mayer, a former Disney executive in June, was appointed. It took place in 2020 to partially demonstrate its separation from ByteDance. In his resignation, Mayer referred to “the structural change of the enterprise” and the changing “political environment”.
Systrom founded Instagram with Mike Krieger in 2010, two years before Facebook bought it for $1 billion. Systrom and Krieger suddenly stepped down from the role that led Instagram in September 2018. Reportedly “The conflict is growing” between Instagram co-founder and Facebook CEO Mark Zuckerberg about the direction of the photo-sharing app.