EXCLUSIVE ByteDance to reorganize, CFO steps down to focus on TikTok - memo

1 month ago 48

The ByteDance logo is seen successful this illustration taken, Nov. 27, 2019. REUTERS/Dado Ruvic/Illustration

BEIJING, Nov 2 (Reuters) - TikTok Chief Executive Officer Shou Zi Chew volition measurement down arsenic its genitor ByteDance's main fiscal serviceman (CFO) to absorption connected moving the abbreviated video concern afloat time, according to an interior memo the institution shared with Reuters.

The determination comes aft ByteDance shelved its program to spell nationalist successful April and said it had no imminent plans for an archetypal nationalist offering (IPO). It had antecedently planned for a Hong Kong oregon New York listing.

Chew joined ByteDance arsenic CFO successful March and was appointed arsenic TikTok CEO successful May.

The Chinese tech institution besides plans a large reorganisation to make six concern units, ByteDance Chief Executive Liang Rubo said successful the memo sent to staff.

The six units are TikTok, Douyin, enactment collaboration portion Lark, concern services portion BytePlus, gaming portion Nuverse, and acquisition tech portion Dali.

Douyin is the Chinese mentation of TikTok.

Reporting by Yingzhi Yang and Brenda Goh; Editing by Himani Sarkar

Our Standards: The Thomson Reuters Trust Principles.

Read Entire Article