Ro co-founder and CFO Rob Schutz is stepping down from his current role to continue working for the digital health company as a consultant, TechCrunch has learned. The shift comes just a few weeks after Ro cut 18% of its staff to “manage costs, improve the efficiency of our organization, and better align our resources with our current strategy,” management wrote in an email obtained by TechCrunch and confirmed by multiple sources.
“Ro has grown to such a size that I can now confidently pass the baton to incumbent teams to continue to grow, innovate and build the company,” Schutz wrote in an email sent to employees today. TechCrunch has reached out to Ro for additional comments, but has yet to receive a response as of press time. Schutz confirmed his departure on LinkedIn. providing a copy of the memo received by TechCrunch.
He is not the first executive to leave the company after Ro entered the growth stage. In February, Ro announced that it had raised $150 million exclusively from existing investors at a $7 billion valuation. A week after the fundraiser, TechCrunch learned that Ro COO George Coveos and Ro Pharmacy CEO Steve Buck had left the company. In May, Modern Fertility co-founder Afton Vecheri leaves Ro about a year after her company, created with co-founder Carly Leahy, was sold to her for $225 million. Schutz became the first co-founder to leave the company, as CEO Zakharia Reitano and Product Director Saman Rakhmanian remained with the company.
Schütz wrote in an email that he would withdraw from day-to-day operations after Labor Day, i.e. September 5, 2022. “On reflection, I realized that the areas in which I can show my superpowers are most useful for companies at a smaller stage,” Schutz wrote. He also hinted at partnering 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.
Credit: techcrunch.com /