Video-sharing startup TikTok is in the midst of reorganizing, and recently named Shouzi Chew — the current CFO of parent ByteDance — as its new CEO. Vanessa Pappas, TikTok’s interim chief executive and general manager, was named COO. Chew takes the reins to head up TikTok in a dual role that will also have him continue his duties as ByteDance’s CFO.
“The leadership team of Shou and Vanessa sets the stage for sustained growth,” Yiming Zhang, founder and CEO of ByteDance, said in a press release.
He added that Chew brings more than a decade of experience in the technology space and headed a “team that was among our earliest investors.” Chew also has in-depth knowledge of TikTok. “He will add depth to the team, focusing on areas including corporate governance and long-term business initiatives,” Zhang said.
Chew, who was named CFO of ByteDance in March of this year, was previously Xiaomi Technology’s CFO from 2015-2020. “It’s humbling to be entrusted with this responsibility … to drive TikTok’s unprecedented development as the global home for inspirational and creative content,” Chew said.
Zhang added that Pappas has brought “strong leadership” in her role and will continue to manage her current responsibilities, including handling the “platform’s key operations.” Pappas said that it’s “gratifying” to support TikTok’s “creative and inspiring” creators while also working with a team that “fully believes in that community.”
Pappas joined TikTok almost three years ago, and previously worked with other video performance platforms, including YouTube. “The TikTok journey is just beginning,” she added.
TikTok grew its operating profits to $7 billion in 2020, while parent company ByteDance hit revenue of about $35 billion. ByteDance is valued at roughly $180 billion, and TikTok is still in the planning stages of an initial public offering (IPO) in Hong Kong. The Chinese social media platform said in February that it was moving into eCommerce and developing livestream shopping capabilities.
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