After five years of leading the company that saw Angry Birds grow from app game to global entertainment phenomenon, Mikael Hed (left) will step down as Rovio Entertainment’s chief executive next year.

Despite Rovio’s incredible growth during Hed’s tenure, the company recently announced its profit fell by more than half last year, from US$76.8 million in 2012 to US$37 million in 2013.

To diversify its offerings and make the company less reliant solely on app gaming, Rovio launched  the app-based video network Toons.tv in 2013, home to several Angry Birds cartoons. In addition, it has also created several Angry Birds-themed activity parks around the world. An Angry Birds movie is also in the works with Sony Pictures.

Next month, the latest title Angry Birds Stella will come to app games, before it arrives as an animated series in November. The brand has also partnered with Hasbro for several co-branded Telepods lines.

Rovio’s incoming CEO, Pekka Rentala (right), joined the company executive team earlier this year. Most recently, he was CEO of Finnish beverage company Hartwall, though his experience includes more than 20 years at Nokia, where he worked up from export manager to SVP of marketing worldwide.