Streaming set-top box manufacturer Roku has hired a new CFO today, bringing in an executive who had cut his teeth at Logitech and eBay. Erik Bardman, former SVP of Finance and CFO of Logitech International, is joining the company as it seeks to expand globally and also work out more deals with cable and satellite providers.
Bardman has been a part of Logitech since 2009, and plans to leave the peripheral hardware manufacturer at the end of this month. He’s also served as a board member for Trulia, a seat he’s planning to continue holding while at Roku. Prior to his Logitech days, Bardman spent six years at eBay, where he served as CFO for eBay Marketplaces. And before that, he was at GE, in a variety of roles.
The new CFO joins Roku as the seeking to expand not just its product line, but also its availability around the globe. Last summer, Roku raised $45 million in funding from a bunch of strategic investors, including News Corp, British Sky Broadcasting, and Dish. Since then, it’s been working to make a wider variety of cable and satellite TV content available through its streaming set-top boxes.
It’s also working to expand and improve its product line. Earlier this spring, the company introduced the Roku 3, a more powerful set-top box with an improved user interface and universal search capabilities. In addition, Roku is pushing its Streaming Stick as a way to make it easier for device manufacturers to quickly add streaming video capabilities to their TVs, without having to build the technology into the devices themselves.
The company has sold more than 5 million of its streaming devices to date, but it’s probably looking to increase that number. And it’ll probably do so as the big cable companies are trying to lower the cost of their own set-top box deployments. By providing a way for subscribers to stream video to the second or third room in a user’s home without having to introduce a new device into the home.
And, of course, there’s the opportunity to cash in on the number of users who are streaming TV, rather than just watching it through a cable subscription. This is the idea that Roku started with, after all, as a division within Netflix. But as companies like Netflix and Amazon Prime bring on more original programming to appeal to users who don’t pay for TV, streaming devices like Roku’s boxes and the Apple TV are becoming more widely adopted.
Full text of the release is below:
Erik Bardman to Join Roku as Chief Financial Officer
Trulia Board Member and Logitech Executive Brings Strong Expertise as Leading Streaming Media Platform Scales
Saratoga, Calif. – April 15, 2013 – Roku® Inc. today announced that Erik Bardman will join the company as Chief Financial Officer. Bardman was appointed Senior Vice President, Finance and Chief Financial Officer of Logitech International (NASDAQ: LOGI) in September 2009 and will depart the company this month. Bardman was elected to Trulia’s Board of Directors in June 2012 and will continue to hold that seat while at Roku.
“We look forward to having Erik Bardman join the Roku executive team,” said Roku Founder and CEO Anthony Wood. “Roku is a fast-growth company in a rapidly changing industry and Erik brings a wealth of relevant experience to our mission of leading the streaming era.”
“Roku is a dynamic company with outstanding products, a strong competitive position and compelling avenues for growth,” said Bardman. “I look forward to joining the business and helping it achieve significant scale in the years ahead.”
Prior to Logitech, Bardman spent six years at eBay and served as the Chief Financial Officer for eBay Marketplaces, the company’s largest portfolio of businesses. At eBay, Bardman led a large global team focused on financial strategy, acquisitions, resource allocation and performance analysis. Prior to joining eBay, he was with General Electric for 15 years in a variety of roles, focused on consumer financial services, international finance and mergers and acquisitions.