Angry Birds Maker Rovio Says CEO Kati Levoranta to Quit at Year End

Rovio Entertainment stated on Monday that Chief Executive Kati Levoranta will go away the maker of the Angry Birds recreation collection at the tip of the yr.

Levoranta, who has led Rovio since 2016, took it public markets with a 2017 listing. While this was an preliminary success, solely 5 months later Rovio issued a surprise profit warning, angering buyers and halving its share value in in the future.

“The company’s result and cash flow development are on a good level and its balance sheet is strong,” Rovio’s chairman Kim Ignatius stated in an announcement, thanking Levoranta for her work.

Although after the revenue warning, Levoranta stated Rovio was sticking to a long-term 30 % working margin, this has been between 6.Three % and 11.2 % prior to now three years.

Rovio shares rose 1.2 % after information of Levoranta’s departure.

“The board of directors will begin the search process for a new CEO,” the Finnish agency stated.

Earlier in August, Rovio reported a 160 % soar in second-quarter adjusted working revenue. “We reached record high games revenue driven by the strong performance of our key games,” Levoranta stated in an announcement.

Adjusted working revenue rose to EUR 13.eight million (roughly Rs. 121 crores) from EUR 5.Three million (roughly Rs. 46 crores) whereas income fell 3.6 % to EUR 69.2 million (roughly Rs. 610 crores) due to decrease film income, stated the Finnish firm, which listed its shares in 2017.

The firm attributed the improved efficiency to “elevated participant engagement due to COVID-19” in addition to decrease advertising prices.

“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,” Levoranta stated.

© Thomson Reuters 2020

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