On Monday, Rovio Entertainment announced that Chief Executive Kati Levoranta will leave the maker of the Angry Birds game series at the end of the year.
Levoranta, who has led Rovio since 2016, took it public markets with a 2017 listing. While this was an initial success, only five months later Rovio issued a surprise profit warning, angering investors and halving its share price in one day.
Rovio’s chairman Kim Ignatius said in a statement that “The company’s result and cash flow development are on a good level and its balance sheet is strong.”
Levoranta said that Rovio was sticking to a long-term 30 percent operating margin, this has been between 6.3 percent and 11.2 percent in the past three years.
The Finnish firm said that “The board of directors will begin the search process for a new CEO.”
Rovio reported a 160 percent jump in second-quarter adjusted operating profit, earlier in August. Levoranta said in a statement that “We reached record high games revenue driven by the strong performance of our key games,”
The Finnish company, which listed its shares in 2017 said that adjusted operating profit rose to EUR 13.8 million from EUR 5.3 million while revenue fell 3.6 percent to EUR 69.2 million due to lower movie revenue.
The company attributed the improved performance to “increased player engagement due to COVID-19” as well as lower marketing costs.
Levoranta said that “The overall impact of COVID-19, which was visible in a higher level of downloads, daily active users and player engagement, peaked in late April.”