Report: Rovio CEO Leaving Company in 2015

Rovio CEO Mikael Hed has announced plans to leave the company in January 2015, the Wall Street Journal reports. He will reportedly be replaced by Pekka Rantala, a former Nokia executive who joined the company in the early part of this year.

While no specific reason was given for Hed's planned departure from the company, many are pointing to financials that show the company has seen its revenue halved this year. Rovio saw only a slight increase in revenue in 2013 compared to last year (€156 million up from €152.2 million). Net profit for the company dropped to €26.9 million, a 52 percent decline over the previous year.

Critics say this decline is due to Rovio continuing to focus solely on its flagship franchise Angry Birds, and failing to create anything new…

This year Rovio announced the next two games in the Angry Birds franchise, Angry Birds Stella and Angry Birds Transformers. The company also launched LV11, a publishing label designed to release third-party games.

Source: CVG

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