TikTok’s parent company ByteDance is going through its biggest organizational restructuring in history. The Chinese conglomerate will split into 6 different business units as CFO Shou Zi Chew is stepping down from his role to solely focus on being TikTok’s CEO.
The news comes from an internal memo the company shared with Reuters.
These six business units will include TikTok, Douyin (Chinese variant of TikTok), Nuverse (video game publisher), Lark (work tool), BytePlus (business services), and Dali Education (Chinese education app).
The TikTok unit, as the name says, will work on the operations of the social media platform and its expansion into the global e-commerce market. Meanwhile, the company’s video streaming platform Xigua and the news aggregator Toutiao will become a part of the Douyin business unit.
As mentioned earlier, this is the biggest reshuffle in ByteDance’s history ever since the co-founder and former CEO Zhang Yiming stepped down in May this year.
Zhang will remain the chairman of the company with 50% of the voting rights but former CFO Shou Zi Chew will be taking his role as the new TikTok CEO in December. According to ByteDance, this new business model should improve the internal workings of the company with different teams working on different business units.