As reported by Reuters, TikTok’s parent company ByteDance is changing its organizational structure into six business entities with CFO Shou Zi Chew stepping down as he aims to solely focus on his role as TikTok CEO starting from December.
The six business units include TikTok, Douyin – the Chinese version of TikTok, video game publishing studio Nuverse, work collaboration tool Lark, business services division BytePlus and education app Dali Education. This is the largest reshuffle in ByteDance’s history since co-founder and previous CEO Zhang Yiming stepped down back in May. The new model will reportedly ensure better internal workings and structure with teams working together grouped as business units.
ByteDance is currently valued at $300 billion through the company has no imminent plans to go public via an IPO. TikTok has over 1 billion monthly users worldwide.