TikTok Chief Executive Officer Shou Zi Chew will step down as its parent ByteDance’s chief financial officer (CFO) to focus on running the short video business full time, according to an internal memo the company shared with Reuters.

The move comes after ByteDance shelved its plan to go public in April and said it had no imminent plans for an initial public offering (IPO). It had previously planned for a Hong Kong or New York listing.

Chew joined ByteDance as CFO in March and was appointed as TikTok CEO in May.

The Chinese tech company also plans a major reorganisation to create six business units, ByteDance Chief Executive Liang Rubo said in the memo sent to staff.

The six units are TikTok, Douyin, work collaboration unit Lark, business services unit BytePlus, gaming unit Nuverse, and education tech unit Dali.

Douyin is the Chinese version of TikTok.

© Thomson Reuters 2021