Today, Leifeng.com learned that Peng Jiatong, the business assistant of former Kuaishou CEO Su Hua, has resigned. At the same time, Li Yongbao, the head of business algorithm strategy, has also resigned, and the reason for his departure is unknown. It is reported that the two have not joined other companies for the time being, nor have they registered to start a new business.
1 Don’t have a suitable location?
According to public information, Peng Jiayu joined the 58 Group in 2018 and served as the vice president of the 58 Group, responsible for the management of the group’s human resources business group (HRG) and sales. Peng Jiayu joined Kuaishou in May 2020 as a business assistant to then Kuaishou CEO Su Hua.
It is reported that Peng Jiatong joined Kuaishou to do online education, but did not do it. Since then, Kuaishou and Baidu have invested in Zhihu, and Peng Jiatong has served as a non-executive director of Zhihu as the representative of Kuaishou.
During this period, at the end of last year, the biggest shock in the history of Kuaishou’s top management occurred. On October 29, Kuaishou Technology announced that the 39-year-old co-founder of the company, Su Hua, resigned as CEO, and co-founder Cheng Yixiao took over as the CEO. Position.
The reasons for his resignation have been different, the most well-known saying is that “one mountain cannot tolerate two tigers”. Before that, Yan Qiang, the former head of Kuaishou’s operations department and senior vice president, who was called Su Hua’s “direct line” by the outside world, also resigned on October 24.
After Su Hua resigned as CEO, Peng Jiatong, who served as the CEO’s assistant for a year and a half, continued to stay in the CEO’s office.
And Peng Jiatong’s resignation has long been foreseen.
In May this year, Zhihu announced on the Hong Kong Stock Exchange that Peng Jiatong had resigned as a non-executive director, and Kuaishou CTO Chen Dingjia had been appointed as a non-executive director, effective from May 16, 2022.
At that time, the official reason was that Peng Jiatong needed to devote more energy to other businesses and resigned as a non-executive director of the company.
Three months later, Leifeng.com received news of Peng Jiatong’s resignation. It is said that after Su Hua stepped down, there was no suitable position in the CEO’s office. There are also sayings that Peng is no longer optimistic about the development of Kuaishou.
2 Kuaishou eventful autumn?
The Four Musketeers of Kuaishou Business, including several leaders in the technical direction: Li Yongbao, algorithm strategy expert Kong Dongying, head of the data R&D team Gao Xiaoping, and head of the Kuaishou commercialization engine architecture Bai Xiaohang, they are the Kuaishou commercialization technology system from 0-1 core participants.
Among them, Li Yongbao is the core person in charge of building the Kuaishou commercial monetization algorithm strategy system from 0-1. He joined Kuaishou in 2016. At that time, Kuaishou had not yet formed a systematic commercial product and delivery capability. The original algorithm team mainly worked on the recommendation system. .
After Kuaishou officially launched commercialization in 2018, Li Yongbao was dispatched to build this system. “At that time, there were only three people in the commercialization algorithm strategy team, but everyone was in a state of ‘war’.”
To this day, Kuaishou has successfully built its own commercial realization building and won the “first share of short videos”.
On May 24, Kuaishou Technology released its first-quarter 2022 results. The company achieved revenue of 21.1 billion yuan in the first quarter, a year-on-year increase of 23.8%, exceeding the consensus forecast of 20.6 billion yuan by Bloomberg. Online marketing services, live broadcast and other services (including e-commerce) contributed 53.9% of the revenue respectively. %, 37.2% and 8.9%; the adjusted net profit was a loss of 3.72 billion yuan.
Online marketing services, namely advertising business, are still Kuaishou’s largest source of income. In the first quarter of this year, the advertising business contributed revenue of 11.351 billion yuan, a year-on-year increase of 32.6% – compared with the same period last year, the growth rate of this business was 161.5%.
But for Kuaishou, the real problem is that there is no hope of catching up with Douyin, and the video account is accelerating the “cannibalization” of short videos. According to the data from the Vision Research Institute, the DAU of the video account will exceed 500 million by the end of 2021, surpassing Kuaishou. What cannot be ignored is that, The video account is also fed by the huge traffic pool of WeChat, which has 1.2 billion users.
At the same time, Kuaishou was in turmoil, and many people resigned because they could not stand Kuaishou’s reforms and changes. The exit of these two senior executives is just a microcosm.
3 Cheng Yixiao’s 277 days as CEO
In this eventful autumn, Cheng Yixiao can be said to be under a lot of pressure.
It has been 277 days since Cheng Yixiao took over as CEO on October 31 last year.
During this period of time, his task was very clear, that is, to adjust the rhythm of fast hands in order to achieve profitability. We can mainly see these three tricks:
The first move is to reduce costs. The main means are:
Layoffs – 20% layoffs are rumored on the Internet. Although Kuaishou quickly denied this ratio, judging from various sources, the rumors are still very informative. (Actually, layoffs are really not a bad thing. The legendary president Gerstner accepted IBM, and the first thing he did to save the company was layoffs.)
Reduce benefits and strengthen approvals – Kuaishou’s first-quarter financial report shows that it has left 100 million costs by cutting benefits.
The second measure is efficiency. Efficiency enhancement is mainly to increase the monetization efficiency of public domain traffic. The magnetic Taurus system built by Kuaishou benchmarking massive engines has been mentioned in a more important position.
There is one thing worth noting here. Magnetic Taurus not only supports external purchases, but also supports Kuaishou’s internal live broadcast brands and anchors to spend money to purchase them. This is what Cheng Yixiao called “internal loop advertising”.
The third trick is to increase control.
This is also the most crucial point. For a long time in the past, Kuaishou felt free, or loose, without control.
However, in the past half a year, Kuaishou has indeed changed its feeling-specifically, it used to do a lot of things, but it didn’t do it seriously. Now it suddenly does things more seriously, for example, a lot of things Subsequent cuts, such as making a guild, such as making a channel and a fast brand…
At present, there are great internal and external pressures, and Kuaishou is forced to make changes. After Su Hua resigned as CEO, Cheng Yixiao carried out reforms at a time of chaos.
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