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TikTok app emblem on the App Retailer.
Jakub Porzycki | NurPhoto | Getty Pictures
GUANGZHOU, China — TikTok proprietor ByteDance’s finance chief will step all the way down to concentrate on his position as CEO of the brief video app, in accordance with an inner memo obtained by CNBC.
Shou Zi Chew joined ByteDance as CFO from smartphone maker Xiaomi in March, sparking hypothesis the corporate may very well be on monitor for an preliminary public providing. ByteDance mentioned in April it had no imminent plans to listing.
Chew turned the CEO of brief video app TikTok in Might.
The transfer is a part of a broader reorganization inside ByteDance during which six enterprise models have been created, the corporate’s CEO Liang Rubo instructed workers within the memo.
The primary enterprise unit is Douyin, the Chinese language model of TikTok, which may even embrace ByteDance’s Toutiao information aggregation service.
Different models embrace work collaboration division Lark, schooling enterprise Dali and enterprise know-how platform BytePlus.
The Nuverse enterprise will concentrate on ByteDance’s gaming efforts, whereas the TikTok unit will concentrate on the brief video app.
The adjustments will happen over a gradual transition interval, Liang mentioned.
ByteDance has appeared to reorganize its enterprise this yr together with higher administration. In Might, Zhang Yiming, co-founder of ByteDance, stepped down as CEO and transitioned into a method position. Liang took over as CEO.
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