ByteDance to reorganise, CFO steps down to focus on TikTok

By: |
Updated: November 02, 2021 10:35 AM

The Chinese tech company also plans a major reorganisation to create six business units

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

TikTok Chief Executive Officer Shou Zi Chew will step down as its parent ByteDance’s chief financial officer (CFO) to focus on running the short video business full time, according to an internal memo the company shared with Reuters.

The move comes after ByteDance shelved its plan to go public in April and said it had no imminent plans for an initial public offering (IPO). It had previously planned for a Hong Kong or New York listing.

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

The Chinese tech company also plans a major reorganisation to create six business units, ByteDance Chief Executive Liang Rubo said in the memo sent to staff. The six units are TikTok, Douyin, work collaboration unit Lark, business services unit BytePlus, gaming unit Nuverse, and education tech unit Dali.

Douyin is the Chinese version of TikTok.

Read Also: MakeMyTrip and Amazon Pay enters into a strategic partnership

Follow us on TwitterInstagramLinkedIn, Facebook

 

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

BrandWagon is now on Telegram. Click here to join our channel and stay updated with the latest brand news and updates.

Next Stories
1GoKwik launches #CelebrateD2C campaign to promote its shopping festival
2Mountain Dew ropes in Mahesh Babu as brand ambassador
3Kinara Capital appoints Ravindra Jadeja as brand ambassador