© Reuters. FILE PHOTO: The ByteDance logo can be seen in this image dated November 27, 2019. REUTERS / Dado Ruvic / Illustration
BEIJING (Reuters) – Shou Zi Chew, TikTok’s chief executive officer, will step down as chief financial officer (CFO) of parent company ByteDance to focus on running the short video business full-time, according to an internal memo the company told Reuters .
The move comes after ByteDance put its plan to go public in April on hold, stating that it has no upcoming public offering (IPO) plans. A listing in Hong Kong or New York was previously planned.
Chew joined ByteDance as CFO in March and was named CEO of TikTok in May.
The Chinese tech company is also planning a major restructuring to create six business units, said Liang Rubo, chief executive of ByteDance, in the memo sent to employees.
The six units are TikTok, Douyin, the Work Collaboration Unit Lark, the Business Services Unit BytePlus, the Gaming Unit Nuverse and the Education Tech Unit Dali.
Douyin is the Chinese version of TikTok.
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