Tech

ByteDance CFO has resigned to focus on TikTok

Byte Dance Ltd, the owner of TikTok. Said that Chief Financial Officer Shou Zi Chew has resigned from that role and will focus on his position as Chief Executive Officer of the popular video sharing platform.

Chew was appointed to ByteDance’s top finance position in March after the company. Poached him Beijing-based

Xiaomi Ltd

, CFO from 2015 to 2020. He played an additional role as CEO of Tik Tok. About 2 months later..

ByteDance co-founder Liang Rubo said in an internal note that the company’s finance department would report to him.Liang Successor founder Zhang Yiming becomes chief executive officerAs the company said in May, Mr. Zhang will leave that role this year.

Liang announced that ByteDance will be reorganized into six business segments. TikTok, its Chinese version Douyin, work collaboration platform Lark, business service unit BytePlus, game unit Nuverse, education technology unit Dali Education.

According to Liang, Chinese services Toutiao, Xigua, Search, Baike, and other vertical services will be grouped into the Douyin business unit, and the TikTok business will support the development of extended business lines such as global e-commerce.

“As the company’s business develops and the team grows, each business faces different opportunities and challenges,” Liang said in a memo, adding that heads of different business units report to him. .. A spokeswoman for the company declined to comment further.

ByteDance lists The Carlyle Group and Sequoia Capital among its investors. According to data provider PitchBook, the valuation at the end of February was $ 360 billion.

Privately held ByteDance has faced regulatory hurdles and government pressure in recent months.

In April, ByteDance was one of the 34 largest technology companies in China. Promise Immediately after the e-commerce giant, to comply with national antitrust laws

Alibaba Group Holding Ltd

I was hit by an antitrust fine of $ 2.8 billion. ByteDance was also one of 13 companies ordered by China’s central bank and other regulatory agencies to comply with stricter regulations on data and lending practices.

Earlier this year, the company Put on hold indefinitely The Wall Street Journal reported in July that it intends to go public offshore after Chinese government officials have instructed the company to focus on addressing data security risks.

ByteDance’s challenge comes after the U.S. government investigates whether the TikTok app poses a risk to national security amid concerns that the Chinese government could access the personal data of millions of U.S. users. Occurs.

Trump administration Issued an executive order Last year, I would have banned the app unless I could find an American buyer.

Oracle Ltd

When

Walmart Ltd

ByteDance was in a group engaged in negotiations to acquire TikTok’s US business, which opposed legal objections. Federal court ruling blocked Former president

Donald TrumpOrder will not come into effect.

Biden administration in February Shelved plans Request sale in an extensive review of potential security risks from Chinese tech companies.

A Wall Street Journal survey found that TikTok had only one important piece of information needed to get the information it needed. It’s time to stay in the content. The app keeps track of you every time you hesitate or review. Photo Illustration: Laura Kammermann / The Wall Street Journal

Write in Nina Trentman Nina.Trentmann@wsj.com

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ByteDance CFO has resigned to focus on TikTok

Source link ByteDance CFO has resigned to focus on TikTok

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