GUANGZHOU, China — TikTok owner ByteDance’s finance chief will step down to focus on his role as CEO of the short video app, according to an internal memo obtained by CNBC.

Shou Zi Chew joined ByteDance as CFO from smartphone maker Xiaomi in MarchThere is speculation that they could soon be preparing for an initial public offer. ByteDance stated in AprilIt did not intend to list.

In May, Chew was appointed CEO of TikTok’s short-video app.

Employees were informed by Liang Rubo that the move was part a larger restructuring at ByteDance. Six business units had been established, according to the CEO of the company.

Douyin is the Chinese version TikTok’s first business unit. It will include ByteDance’s Toutiao news aggregate service.

Additional units include Lark’s work collaboration division, Dali’s education business and BytePlus enterprise technology platform.

ByteDance will continue to be a major player in the Nuverse, and the TikTok business will concentrate on its gaming activities.

Liang stated that the changes would occur over a period of gradual transition.

ByteDance intends to overhaul its company, which includes the top management. In May,  Zhang Yiming, co-founder of ByteDance, stepped down as CEOAnd he was made a strategist. Liang assumed the role of CEO.