Rovio CEO Flies The Coop
The CEO of Angry Birds developer Rovio will exit the company at the end of the year by mutual consent, following several years of lackluster share prices after its 2017 IPO.
In an interview with Reuters, Kati Levoranta – who has been CEO of Rovio since 2016, and guided it through its listing in 2017 – said that, with Rovio changing from a “games-first entertainment company” to a “mobile-first games company”, now was a natural time to change leadership.
Rovio ran into trouble five months after it went public three years ago, when a surprise profit warning halved its share price in a single day; the price has never recovered. Despite its operating margin hovering between 6.3% and 11.2% since then, Levoranta insisted that it maintained the target 30% long-term margin it set when it listed, saying an “excellent game catch” could make the target achievable.
In a statement, Kim Ignatius, Chairman of Rovio’s Board of Directors, praised Levoranta’s “determined leadership” in taking the company public.
“As Rovio reports in its half-year financial review 2020, the company’s result and cash flow development are on a good level and its balance sheet is strong. Kati’s most inspiring personality and strong role as a supervisor have also been reflected in personnel satisfaction.
“On behalf of the entire Board of Directors, I want to thank Kati for her commitment and her valuable work for Rovio, and to wish her all the best in the future,” said Ignatius.
Levoranta said her years at the top of Rovio had been an “inspiring and rewarding” experience.
“I have had the opportunity to work with top professionals in the game business in a highly international environment. In addition, I have been surrounded with a group of talented and passionate Rovio employees and supportive supervisors.
“We will continue working closely together until the end of the year, and then it will be time for me to thank everyone for excellent cooperation,” she said.
The Board of Directors will now start the search process for a new CEO.