Mikael Hed, the CEO of Angry Birds maker Rovio Entertainment Ltd, will be stepping down from his role in the new year.
He will be replaced by Pekka Rantala, Rovio’s chief commercial officer, on 1 January 2015, the company announced today.
Hed is not leaving the company entirely, however. His father, chairman of the board Kaj Hed, has nominated him for a role on the company’s board of directors and appointed him chairman of Rovio Animation Studios, where he will oversee animation and movies.
“It has been an amazing ride,” said Mikael Hed, who has held the CEO job for five years and helped turn the Angry Birds video game into a global franchise.
More recently, however, Rovio has shown a stall in growth, as newer games overtook Angry Birds. The company’s profits just about halved in 2013 to €26.9m, down from €55.5m in 2012.
Still, Mikael Hed said Rantala will take Rovio to the next level.
“Pekka is known to be a great leader with experience building successful global consumer brands,” said Hed. “I will continue to play an active role and will support Pekka in any way I can to ensure Rovio’s continued success.”