News

Latest News

Stocks in Play

Dividend Stocks

Breakout Stocks

Tech Insider

Forex Daily Briefing

US Markets

Stocks To Watch

The Week Ahead

SECTOR NEWS

Commodites

Commodity News

Metals & Mining News

Crude Oil News

Crypto News

M & A News

Newswires

OTC Company News

TSX Company News

Earnings Announcements

Dividend Announcements

TikTok CEO Resigns Amid Political Turmoil

TikTok Chief Executive Officer Kevin Mayer has quit.

Mayer has left three months after joining the Chinese-owned video app, and days after the company sued the administration of U.S. President Donald Trump over an executive order effectively banning the company from operating in the United States.

Mayer will be replaced by U.S. General Manager Vanessa Pappas on an interim basis, TikTok said in a written statement.

The resignation comes at a difficult time for fast growing TikTok as it tries to persuade both the United States and India that it is not a security threat, while at the same time holding discussions with prospective buyers following a second U.S. government order demanding the sale of the company’s American operations.

Mayer was Walt Disney Co.’s (NYSE:DIS) top streaming executive before becoming CEO of TikTok and Chief Operating Officer of its parent company ByteDance on June 1.

"In recent weeks, as the political environment has sharply changed, I have done significant reflection on what the corporate structural changes will require, and what it means for the global role I signed up for," Mayer said in an letter to employees. "Against this backdrop, and as we expect to reach a resolution very soon, it is with a heavy heart that I wanted to let you all know that I have decided to leave the company."

ByteDance founder and Chief Executive Officer Zhang Yiming said in a separate letter to employees that the company was "moving quickly to find resolutions to the issues that we face globally, particularly in the U.S. and India." He added that Mayer joined the company as it was "entering arguably our most challenging moment."