The 38-year-old ByteDance CEO, Zhang Yiming, has declared his plan to step down by the end of the year as Beijing intensifies its efforts to curb the influence of China’s internet firms. The announcement has drawn speculation from outsiders. In a May 20 letter addressing his employees, Zhang revealed this sweeping decision, claiming that he would step aside but remain dedicated to the long-term development of corporate strategies, organizational culture, and social responsibility of the company. He explained that he was not the best person for the position of CEO for not being social, hoping to hand off daily management. He said he would remain in the position until the end of 2021, after which his long-term partner and future successor, Liang Rubo, would step in. Liang is also a ByteDance cofounder, current human resources head and one of Zhang’s college roommates. Launched in March 2012, ByteDance has transformed into a …