TikTok has reportedly approached Instagram cofounder Kevin Systrom about becoming the app's CEO
TikTokhas approached Instagram cofounder Kevin Systromabout becoming the app's next CEO, The New York Times reported Thursday.
- TikTok's last CEO, Kevin Mayer, resigned in late August after just three months on the job.
- However, finding a new CEO may be a priority given the terms of the deal made between TikTok parent company ByteDance, Oracle, and the US government to avoid a US ban.
- Reports indicate TikTok will split off into its own company with a US CEO and a board mostly made up of Americans.
Instagram cofounder Kevin Systrom has been approached as a candidate to become TikTok's CEO, The New York Times reported on Thursday.
TikTok has not had a CEO since late August, when Kevin Mayer resigned from the role after three months on the job. But according to reported terms of the deal to keep TikTok in the US, the company will be required to get a US CEO to show its separation from its Chinese parent company, ByteDance. TikTok's US general manager, Vanessa Pappas, has been acting CEO since Mayer's resignation.
Talks between TikTok and Systrom are "preliminary," and no final decisions have been made, according to The Times. Systrom cofounded Instagram in 2010 and served as CEO of the photo-sharing app through its Facebook acquisition until he and Instagram's other cofounder, Mike Krieger, resigned in September 2018.
A clearer picture of TikTok's restructuring, designed to appease the US government's national security concerns, has emerged this week. As part of the deal, TikTok would be broken off as its own US-headquartered company, and US investors would take majority ownership of it from ByteDance, Bloomberg and Reuters reported. Oracle is expected to take a 20% stake, while Walmart and other investors would take smaller shares.
As part of the deal — which needs the approval of President Donald Trump and the Chinese government — TikTok would be required to hire a US CEO and a board of directors made up mostly of Americans, according to Bloomberg.
TikTok did not have a global CEO before it appointed Mayer, a former Disney executive, in June. It created the position in 2020 in part to demonstrate its separation from ByteDance. Mayer cited "corporate structural changes" and a changing "political environment" in his resignation.
Systrom founded Instagram with Krieger in 2010, two years before Facebook purchased it for $1 billion. Systrom and Krieger abruptly stepped down from their roles leading Instagram in September 2018, a move preceded by "growing tensions" between the Instagram cofounders and Facebook CEO Mark Zuckerberg over the photo-sharing app's direction, Bloomberg reported at the time.
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