(Yicai Global) Jan. 18 -- Kuaishou Technology has engaged a new chief financial officer as the Chinese short video platform continues to reshuffle senior management and downsize headcounts following the departure of its founder and chief executive officer in November last year.

Jin Bing, the former CFO at ed-tech platform Zuoyebang, succeeds Nicholas Chong who is retiring, the Beijing-based firm said yesterday. The move comes just over two months since Su Hua resigned as CEO, triggering a wave of streamlining and layoffs.

Chong will continue to serve as a senior consultant to the company for two years starting Jan. 17 to ensure a stable transition, the firm said. Chong was behind Kuaishou’s listing on the Hong Kong stock exchange last February, but the poor performance since it went public is one of the main reasons that Su stepped down, Yicai Global learned from industry insiders.

44-year-old Jin served as CFO at Beijing-based Zuoyebang from May last year to January this year. Before this he held the CFO post at internet companies Joyy and has also worked for global banks Citi and Credit Suisse.

The Chinese TikTok rival is axing up to 15 percent of its e-commerce team and around 30 percent of its push algorithm team, The Paper reported earlier this month, citing staff members. There will also be redundancies in its gaming division and its new acquisition, the video platform AcFun. A month earlier the company had scaled down its commercialization department.

Kuaishou’s share price [HKG:1024] closed down 1.84 percent today at HKD85.55 (USD11).

Editors: Shi Yi, Kim Taylor