Zhang Yiming announced he will step down as CEO of TikTok-owner ByteDance, saying he lacked the social skills to be an ideal manager and naming his college roommate Liang Rubo as his successor to navigate a rising tide of Big Tech regulations. In a surprise announcement to employees on Thursday, first reported by Reuters and later disclosed by the company, Zhang said the change would enable him “to have greater impact on longer-term initiatives.” He will move to a “key strategy” position at the end of the year, ByteDance said. The 38-year-old will be succeeded by Liang, a long-time colleague and the current head of human resources at ByteDance, one of the world’s biggest private tech companies with an estimated value of about $300 billion in recent trades. The management shake-up—ByteDance’s biggest since its launch in 2012—comes as Chinese regulators are increasing scrutiny of the country’s biggest technology firms. In …