Ad-supported streaming platform Roku has announced that chief financial officer Steve Louden is to step down after helping the company hire his successor. Louden joined Roku as CFO in 2015 and played a pivotal role in establishing Roku as a fast-growing public company. He intends to return home to the Seattle area with his family.
Anthony Wood, Roku founder and CEO, said: “Steve has been a valuable member of our leadership team. He managed our finances through our transition to a public company and rapid expansion into new areas of streaming. I look forward to working with Steve during the transition as we hire our next CFO and continue to execute our strategy and build value for our customers, employees and shareholders.”
Louden added: “Given the company’s strong financial position and exciting growth plans and my desire to relocate with my family back to Seattle, this is the right time for me to help Roku bring on a new financial leader.”
Despite Louden’s claims about the company’s financial position, he leaves at a challenging time for the platform. Last month, Roku announced that it would be cutting 200 staff in a bid to slow down its operating expenses growth rate. In the last year, its share price is down 77%. This month alone, the price has dropped by 15%. Analysts including Moffett Nathanson have taken a harsh view of Roku’s stock since the company announced that Q4 2022 would be a challenging period.