Video app TikTok stated Friday that its new CEO is Shouzi Chew, the brand new CFO of its Chinese language mother or father firm, ByteDance
The hit video app TikTok stated Friday that an govt at its Chinese language mother or father firm, ByteDance, will now additionally function TikTok CEO.
The brand new CEO, Shouzi Chew, is the chief monetary officer of ByteDance. He’s based mostly in Singapore, the place TikTok has an workplace.
Vanessa Pappas, based mostly in Los Angeles, has been interim head of TikTok since August 2020. That is when Kevin Mayer, a former high Disney govt who lasted just some months as TikTok’s chief, resigned. Pappas will develop into TikTok’s chief working officer.
Chew turned ByteDance CFO in March. He had beforehand been a high govt for Chinese language smartphone maker Xiaomi, which went public in 2018.
TikTok’s app options quick movies, many with music and dancing, made by its customers that has develop into a favourite of youthful folks. Analysis agency eMarketer predicts that TikTok can have 73 million U.S. customers this 12 months, and TikTok stated final 12 months that it has about 700 million customers globally. There’s a separate model of TikTok referred to as Douyin for Chinese language customers.
Whereas it is nonetheless unclear what the Biden administration will resolve to do with TikTok, the CEO selection suggests the strain is off ByteDance in contrast with how the corporate fared below Trump, stated eMarketer analyst Debra Aho Williamson. “It does appear to me that the priority over ByteDance having to divest TikTok could also be lessened. TikTok is making an attempt to maneuver ahead as a really international firm, and one which hopefully is not going to be damaged up.”
ByteDance CEO Yiming Zhang stated in an announcement that Chew will concentrate on “company governance and long-term enterprise initiatives,” whereas Pappas oversees the app’s operations.
“We’ll proceed constructing out our sturdy and deep administration crew as we set the stage for the subsequent part of TikTok’s success,” Chew stated.