ByteDance plans for maximum of nine board directors -source




  • In US
  • 2022-09-28 05:18:36Z
  • By Reuters
 

(Reuters) - TikTok owner ByteDance will expand its board of directors to a maximum of nine, a person with direct knowledge of the matter said on Wednesday, as the company faces regulatory pressure globally.

Shareholders approved the move at an investor meeting on Tuesday, boosting the figure from the previous maximum of five, added the source, who sought anonymity as the information was confidential.

ByteDance did not immediately respond to a Reuters request for comment.

The five-strong board of the Beijing-based company includes its new chief executive, Liang Rubo, who took over as chairman from founder and former chief executive Zhang Yiming.

The other directors are representatives of General Atlantic, Sequoia Capital, Coatue Management, and Susquehanna International Group, Reuters has reported.

Earlier, citing two unidentified sources, the South China Morning Post had said the company would add four directors to the existing five.

This week Reuters reported that TikTok, the popular short video app, could face a fine of $29 million in Britain after an investigation showed it may have breached data protection laws regarding the privacy of children.

To assuage U.S. regulatory concerns over data integrity, TikTok is also nearing a deal for Oracle Corp to store its U.S. users' information without access by Chinese parent ByteDance, Reuters reported in March.

(Reporting by Yingzhi Yang in Beijing and Juby Babu in Bengaluru; Editing by Clarence Fernandez)

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