(Yicai) Oct. 23 -- Kuaishou Technology has appointed its chief executive officer as chairman. The two top positions will be performed by the same person to ensure consistent leadership, the TikTok rival said.
Cheng Yixiao will replace founder Su Hua, who is stepping down on Oct. 29 to focus on other matters, the Beijing-based firm said on Oct. 20.
Cheng also took Su’s place as CEO in October 2021, allowing Su to focus on the company’s long-term strategy, while Cheng managed the company’s daily operations and business development.
By combining the positions of chairman and CEO, it will allow for better monetization capabilities and improved operating efficiency, Kuaishou said.
Su will continue to serve as an executive director and a member of the remuneration committee and there will be no change in his weighted voting rights within the company, it added.
Su and Cheng are the second and third biggest stakeholders in Kuaishou, with stakes of 10 percent and 8.8 percent respectively as of the end of June. Internet behemoth Tencent Holdings is the top shareholder with 11.7 percent equity.
Kuaishou turned profitable for the first time under Cheng as CEO. The firm logged adjusted net profit of CNY42 million (USD5.9 million) in the first quarter and CNY2.7 billion (USD76.5 million) in the first half. Revenue soared 23.9 percent in the first six months from a year earlier to CNY53 billion (USD7.2 billion).
Livestreamed e-commerce is key for Kuaishou to spur sales. Last week Kuaishou said it is investing CNY2 billion (USD2.2 million) in product subsidies during the upcoming Nov. 11 online shopping gala.
Editors: Dou Shicong, Kim Taylor