Technology

Ro’s co-founder is leaving the company, last valued at $7 billion – TechCrunch

Rob Schutz, Ro’s co-founder and chief growth officer, is stepping down from his current role and will remain with the digital health company in an advisory capacity, TechCrunch has learned. The move comes just weeks after Ro cut 18% of his staff to “manage costs, increase the efficiency of our organization and better align our resources with our current strategy,” the leadership wrote in an email that TechCrunch wrote obtained and confirmed by multiple sources.

“Ro has reached a scale where I can now confidently pass the baton to the teams to continue to grow, innovate and build the business from here,” Schutz wrote in an email sent to employees today . TechCrunch reached out to Ro for further comments, but hadn’t received a response at the time of publication. Schutz confirmed his departure on LinkedIn and provided a copy of the memo TechCrunch received.

He’s not the first manager to leave the company after Ro entered the growth phase. In February, Ro announced it had raised $150 million solely from existing investors at a $7 billion valuation. A week after the fundraiser, TechCrunch learned that Ro COO George Koveos and Ro Pharmacy GM Steve Buck had left the company. In May, Modern Fertility co-founder Afton Vechery left Ro about a year after her company, which she co-founded with co-founder Carly Leahy, was sold to the company for over $225 million. Schutz is the first co-founder to leave the company as CEO Zachariah Reitano and Chief Product Officer Saman Rahmanian remain with the company.

Schutz wrote in the email that he would step down from day-to-day operations after Labor Day, September 5, 2022. “After thinking about it, I’ve realized that unleashing my superpowers is most helpful for smaller-stage businesses,” Schutz wrote. He also hinted at working with some of Ro’s investors — including FirstMark Capital, General Catalyst, Seven Seven Six, BoxGroup, Altimeter Capital, Baupost Group, Initialized, TQ Ventures and TCG — to advise early-stage startups.

https://techcrunch.com/2022/08/02/ros-co-founder-is-leaving-the-company-last-valued-at-7-billion/ Ro’s co-founder is leaving the company, last valued at $7 billion – TechCrunch

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