Roku Shares Plunge After CFO Steps Down From Company

Roku shares were falling in extended trading on Monday after it was revealed that the company’s chief financial officer Steve Louden would be stepping down after the company finds a successor.

Louden was responsible for overseeing the company’s transition to public company and into new areas of streaming, said CEO and founder Anthony Wood.

Shares of Roku fell 4% in after-hours trading on the news.

Louden joined Roku in 2015 and according to Wood, “managed our finances through our transition to a public company and rapid expansion into new areas of streaming.”

“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,” said Anthony Wood, Roku Founder and Chief Executive Officer.

“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.”

“I’m very proud of Roku’s accomplishments,” Louden said. “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.”

Roku shares are still up 352% since the beginning of the year.

Disclaimer: We have no position in Roku Inc. (NASDAQ: ROKU) and have not been compensated for this article.