Paramount Global's Naveen Chopra joins Roblox as finance head
FILE PHOTO: The Roblox logo is displayed on a banner, to celebrate the company's IPO, on the front facade of the New York Stock Exchange (NYSE) in New York, U.S., March 10, 2021. REUTERS/Brendan McDermid/File photo
(Reuters) -Paramount Global's finance head Naveen Chopra will leave to take on a similar role at video gaming firm Roblox, the companies said on Monday.
The move comes as Paramount is seeking to close its $8.4 billion merger with Skydance Media, which is pending approval from the U.S. Federal Communications Commission.
Chopra joined Paramount as CFO in 2020, when the company was still called ViacomCBS, and drove its transition from legacy media to streaming. Before this, he was finance head for Amazon's Devices and Services business.
Andrew Warren, currently Paramount's strategic advisor to the office of the CEO, will take over as interim CFO, the company said.
Chopra succeeds Michael Guthrie at Roblox, which is experiencing increased engagement on its platform from a vast Gen Z user base. The video gaming company is also breaking into new revenue streams such as advertising that are expected to contribute positively to its financial performance.
Joining Roblox gives Chopra "a tremendous opportunity to shape its growth trajectory", Wedbush Securities analyst Michael Pachter said, adding that Chopra was a "seasoned professional and a capable replacement" for Guthrie.
Guthrie announced last year that he would be stepping down as CFO to pursue personal interests. He will stay on as CFO at Roblox until the end of June to ensure a smooth transition and later serve as a consultant.
Despite the looming economic uncertainty brought on by tariffs, Roblox lifted its annual bookings forecast in May, after its average daily active users - a key engagement metric - rose 26% to an all-time high of 97.8 million in the quarter ended March 31.
The company is also trying to woo older customers with new game genres, including horror, to boost in-game spending on virtual items.
(Reporting by Harshita Mary Varghese in Bengaluru; Editing by Pooja Desai)
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