An internal memo shared by Douyin and Reuters shows that Zhou Shouzi, CEO of Douyin, will resign as the chief financial officer (CFO) of the parent company Bytedance to focus on operating the short video business full-time. This move was made after ByteDance shelved its plans to go public in April and stated that there are no plans for an upcoming initial public offering (IPO).
It had previously planned to go public in Hong Kong or New York. Chew joined ByteDance as the chief financial officer in March and was appointed as the chief executive officer of TikTok in May. Liang Rubo, CEO of Bytedance, said in a memo sent to employees that the Chinese technology company also plans to undergo a major reorganization to create six business units.
These six departments are TikTok, Douyin, work collaboration department Lark, business service department BytePlus, game department Nuverse and education technology department Dali. Douyin is the Chinese version of TikTok.
News Source : Gadgets 360
