ByteDance CFO steps right down to deal with position as TikTok CEO

TikTok app logo in the app store.

Jakub Porzycki | NurPhoto | Getty Images

GUANGZHOU, China – TikTok owner ByteDance’s chief financial officer will step down to focus on his role as CEO of the short video app, according to an internal memo from CNBC.

Shou Zi Chew joined ByteDance in March as CFO of smartphone maker Xiaomi, which sparked speculation that the company may be on track for an IPO. ByteDance said in April it had no upcoming listing plans.

Chew became CEO of the short video app TikTok in May.

The move is part of a broader reorganization within ByteDance that created six business units, the company’s CEO Liang Rubo told employees in the memo.

The first business unit is Douyin, the Chinese version of TikTok, which will also include ByteDance’s Toutiao news aggregation service.

Other entities include the Lark work collaboration division, the Dali education company, and the BytePlus enterprise technology platform.

The Nuverse business will focus on ByteDance’s gaming efforts, while the TikTok unit will focus on the short video app.

The changes will come over a gradual transition period, Liang said.

ByteDance has tried to reorganize its business including upper management this year. In May, ByteDance co-founder Zhang Yiming stepped down as CEO and switched to a strategic role. Liang took over as CEO.

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