ByteDance CFO to step down amid reorganization plans – Reuters

Beijing ByteDance Telecommunications Co. Ltd. is planning to reorganize and create six business units, with company CFO Shou Zi Chew stepping down to focus on ByteDance's short-video unit TikTok Inc. as its CEO, Reuters reported Nov. 2, citing an internal memo.

The six business units include TikTok, its Chinese version Douyin, educational services and smart hardware provider Dali Education, enterprise collaboration subsidiary Lark, business products and services unit BytePlus and game developer Nuverse. The restructuring will likely ensure business lines and teams that work closely together are grouped as business units.

In September, a ByteDance spokesperson said the company plans to downsize its financial technology operations and sell its securities business. The company also denied imminent plans for an IPO in April amid reports concerning its interest in listing a subsidiary.

ByteDance CEO Zhang Yiming is set to leave the role at the end of the year to transition to a new position within the company. Zhang will be replaced by ByteDance's co-founder and human resources head, Liang Rubo.