Business

Exclusive-ByteDance to reorganize, CFO steps down to focus on TikTok



© Reuters. FILE PHOTO: The ByteDance brand is seen on this illustration taken, Nov. 27, 2019. REUTERS/Dado Ruvic/Illustration

BEIJING (Reuters) – TikTok Chief Govt Officer Shou Zi Chew will step down as its father or mother ByteDance’s chief monetary officer (CFO) to give attention to operating the brief video enterprise full time, in line with an inside memo the corporate shared with Reuters.

The transfer comes after ByteDance shelved its plan to go public in April and mentioned it had no imminent plans for an preliminary public providing (IPO). It had beforehand deliberate for a Hong Kong or New York itemizing.

Chew joined ByteDance as CFO in March and was appointed as TikTok CEO in Might.

The Chinese language tech firm additionally plans a significant reorganisation to create six enterprise models, ByteDance Chief Govt Liang Rubo mentioned within the memo despatched to employees.

   The six models are TikTok, Douyin, work collaboration unit Lark, enterprise companies unit BytePlus, gaming unit Nuverse, and training tech unit Dali.

Douyin is the Chinese language model of TikTok.

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