ByteDance’s Toutiao, Watermelon Video to Be Merged Into Douyin, Zhou Shouzi Steps Down as CFO to Focus on TikTok
Bytedance CEO Liang Rubo released an internal letter this morning, saying that the firm will make organizational changes and set up six business units.
Toutiao, Watermelon Video, search, encyclopedia and domestic vertical services will all be merged into Douyin. The skills and vocational training of the staff development department will be transformed into vocational education business and merged into the Dali Education section. Feishu, EE and EA will be merged into the Feishu business plate. Volcano Engine focuses on creating a cloud platform for enterprise-level technical services. Nuverse is responsible for gaming development and publishing. TikTok also supports the development of extended businesses such as overseas e-commerce.
Directors of each business segment will report directly to Liang Rubo. TikTok Chief Executive Officer Zhou Shouzi will step down as its parent ByteDance’s chief financial officer (CFO) to focus on running the short video business full time. The letter said that the above organizational structure and system adjustment will be completed in succession.
In May, Zhang Yiming said in an internal letter to all staff that he and Liang would complete the transition of their CEO duties by the end of 2021. This organization adjustment means that the handover has been completed.
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