TikTok Chief Executive Officer Shou Zi Chew will step down as its father or mother ByteDance’s chief monetary officer (CFO) to deal with operating the brief video enterprise full time, based on an inner 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 May.
The Chinese tech firm additionally plans a significant reorganisation to create six enterprise items, ByteDance Chief Executive Liang Rubo mentioned within the memo despatched to workers.
The six items are TikTok, Douyin, work collaboration unit Lark, enterprise companies unit BytePlus, gaming unit Nuverse, and schooling tech unit Dali.
Douyin is the Chinese model of TikTok.
© Thomson Reuters 2021
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