2 Nov 2021
ByteDance to reshuffle into Six Units, CFO Steps Down to Focus on TikTok
The Index Today
According to an internal memo the company shared with Reuters, TikTok CEO Shou Zi Chew will step down as its parent ByteDance's chief financial officer (CFO) to focus on running the short video platform full time.
The memo, was sent by ByteDance co-founder Liang Rubo to staff on Tuesday, also outlined a major reshuffle at the Beijing-based company to create six business units (BUs).
This is the biggest organizational change since ByteDance co-founder Zhang Yiming said in May he would step down as CEO. Zhang remains chairman and has more than 50% of voting rights. Liang will officially take over from Zhang as CEO in December.
Chew's shift comes after ByteDance said in April that it did not have any imminent plans for an IPO. It had been looking at a Hong Kong or New York listing, sources previously told Reuters.
One of the world's largest private companies, ByteDance had a valuation of about $300 billion in recent trades.
Sources have said that the bulk of ByteDance revenue, totalling $34.3 billion in 2020, was generated in China.