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Roku Shares Slip as CFO Plans Departure

(Image credit: Roku)

 Roku shares continued to slide Wednesday after chief financial officer Steve Louden said he would leave the company.

Roku shares were down about 4% on Dec. 17 after Louden said he would leave the company after helping to hire his successor. The stock fell another 1% in early trading on Wednesday (Dec. 18).

Roku shares are up more than four times so far this year, after beginning the year at $30.64 each. The stock was trading at $135.18 per share in early afternoon trading Wednesday.

“Steve has been a valuable member of our leadership team,” Roku founder and CEO Anthony Wood said in a press release. “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 joined Roku in 2015. In a press release, Roku said he plans to return home to Seattle -- Roku is based in Los Gatos, Calif. -- with his family after ensuring a smooth transition.

“I’m very proud of Roku’s accomplishments,” Louden said in a press release. “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.”