Sad Times for Angry Birds: CEO of Game Maker Rovio to Step Down

"Angry Birds"-maker Rovio is under financial pressure, and soon its CEO will no longer rule the roost. After five years as CEO, Mikael Hed will hand over the reins to CFO Pekka Rantala on January 1, Rovio announced on Friday. The move comes almost exactly four months after Rovio reported lackluster financial results for 2013, including a more than 50 percent decline in profit. “After three years of very strong growth, 2013 was a foundation-building year," Rovio said at the time. While "Angry Birds" is still a strong title for Rovio -- the game was ranked No. 28 in the paid-apps list for the App Store as of Friday morning -- the company is facing more pressure in the casual gaming market and has spent money to expand into toys, movies and other merchandising businesses.




--- Julianne Pepitone