In a major blow to the ByteDance, Shou Zi Chew, TikTok has decided to step down from the position of CFO(chief financial officer) from the parent company ByteDance. He has decided to lay all his focus on the small video platform. It is indicating that something is not correct inside of the company.
Moreover, a major reshuffle is on the shores as per Liang Rubo, co-founder ByteDance. A memo was sent on Tuesday to staff members by the Beijing-based company. Six BUs (business units) will be created.
This would be the biggest reshuffle in the organisation after Zhang Yiming, ByteDance co-founder stated in May to step down from the post of CEO.
However, Zhang is still the chairman of the company with more than 50 per cent voting rights. Notably, Liang will replace Zhang as CEO in the upcoming December.
Chew’s shift has arrived after ByteDance stated in April that it didn’t entertain any plans of having an IPO. On the other hand, it had been focusing on a New York or Hong Kong listing.
In the recent trades, the company’s valuation reached USD 300 billion, making it one of the biggest private companies globally.
Chew became the TikTok CEO in May after joining ByteDance as CFO in the month of March. Meanwhile, Liang remained mum on the replacement strategy for the role of CFO. However, a close person working with the company requested anonymity and said that he was in no rush to fill the position.
Interestingly, ByteDance will witness reorganization into six different units. Tiktok, Douyin (TikTok’s Chinese version), BytePlus, work collaboration unit Lark, Dali Education and Nuverse.
Interestingly, the maximum of ByteDance revenue of USD 34.4 billion in 2020 was generated in China alone.