TikTok app emblem on the App Store.

Jakub Porzycki | NurPhoto | Getty Images

GUANGZHOU, China — TikTok proprietor ByteDance’s finance chief will step right down to give attention to his position as CEO of the brief video app, in line with an inner memo obtained by CNBC.

Shou Zi Chew joined ByteDance as CFO from smartphone maker Xiaomi in March, sparking hypothesis the corporate could possibly be on observe for an preliminary public providing. ByteDance mentioned in April it had no imminent plans to record.

Chew turned the CEO of brief video app TikTok in May.

The transfer is a part of a broader reorganization inside ByteDance wherein six enterprise models have been created, the corporate’s CEO Liang Rubo instructed staff within the memo.

The first enterprise unit is Douyin, the Chinese model of TikTok, which can even embrace ByteDance’s Toutiao information aggregation service.

Other models embrace work collaboration division Lark, training enterprise Dali and enterprise know-how platform BytePlus.

The Nuverse enterprise will give attention to ByteDance’s gaming efforts, whereas the TikTok unit will give attention to the brief video app.

The adjustments will happen over a gradual transition interval, Liang mentioned.

ByteDance has seemed to reorganize its enterprise this 12 months together with higher administration. In May,  Zhang Yiming, co-founder of ByteDance, stepped down as CEO and transitioned into a technique position. Liang took over as CEO.


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