Shou Zi Chew will fill the emptiness left by Kevin Mayer, who solely held the position for 3 months earlier than resigning.
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After eight months and not using a secure chief in place, TikTok appointed Shou Zi Chew, who turned the CFO of TikTok’s dad or mum firm ByteDance in March, as its new everlasting CEO.
Based on his LinkedIn profile, Chew was CFO, director and companion at Xiaomi, a Chinese language firm that has positioned itself as a significant participant within the smartphone market.
The brand new TikTok CEO will preserve his tasks as CFO of ByteDance and can work with Vanessa Pappas, who was beforehand named TikTok’s interim CEO following Kevin Mayer’s resignation and can now assume the position of COO.
“Shou and Vanessa’s management workforce units the stage for sustained development,” Yiming Zhang, CEO of ByteDance, mentioned in an announcement.
Shou Zi Chew spent greater than 5 years at Xiaomi, the place he was a senior govt. His first job after graduating from the College of London was with the distinguished funding agency Goldman Sachs. Picture by way of LinkedIn.
“Shou brings a deep understanding of the corporate and the trade, having led a workforce that was amongst our earliest traders and having labored within the know-how sector for a decade. It is going to carry depth to the workforce, specializing in areas together with company governance and long-term enterprise initiatives,” the corporate added.
The corporate mentioned that the appointments are “a strategic reorganization to optimize TikTok’s international groups and help the corporate’s unprecedented development.”
Why did TikTok go eight months and not using a everlasting CEO?
In 2020, the video-sharing app was embroiled in a dispute with the U.S., the place it has greater than 100 million customers. The federal authorities, then headed by Donald Trump, threatened to veto it as a result of the app allegedly represented a danger to nationwide safety. The federal government ultimately allowed TikTok to proceed working within the nation beneath the situation that it bought part of itself to an American enterprise.
To calm the waters, in Could 2020, TikTok appointed Kevin Mayer, who was then a senior Disney govt, as CEO. Nevertheless, Meyer resigned solely three months later, on account of what he defined was a massive change within the nation’s “political surroundings.” TikTok then gave the position of interim CEO to Pappas, who was then serving as basic supervisor of TikTok’s operations within the U.S.
The corporate subsequently spent months combating to keep away from a compelled sale. Fortuitously, the change in administration helped it get out of the highlight. Final February, President Joe Biden’s administration requested a federal court docket to cease a litigation to ban TikTok within the U.S. whereas it performed a overview of the case.