Today, Oura announced that Harpreet Singh Rai is stepping down as CEO and that Michael Chapp, COO, will take over as interim CEO while the Board and executive team begin the search for Oura’s next CEO.
Harpreet joined the company as an investor in 2016, took on an active operator role as President in 2017, and became CEO in 2018. Throughout that time, he has built a strong organization, scaling the business through COVID, and growing the company to over 350 employees. Harpreet led Oura through its most ambitious product launch to date, Oura Ring Generation 3, instituted a new membership business model, and built a top leadership team that is ready to take the company to the next level.
“Seeing Oura grow and scale over the last 4.5 years has been an amazing journey,” said Harpreet Singh Rai. “While we had numerous product launches, seeing revenue grow over 100x, or each fundraising milestone, the part I’ll miss the most is our team here at Oura. I’m so proud of the team at Oura and the vision we’ve set, and know that Michael and the executive team will carry Oura forward. I am forever an Oura fan and advocate and cannot wait to see what is next.”
“I am grateful to Harpreet for his friendship, leadership, and everything he has accomplished,” said Michael Chapp, interim CEO. “I’m humbled to have the opportunity to lead the company through this transition and pivotal point in Oura’s trajectory. We have an exciting future ahead as we continue to change the way the world thinks about health.”
Michael and Oura’s leadership team will continue executing on Oura’s current growth trajectory and fulfill its vision of providing consumers with the most accurate and actionable data and insights about their everyday health.
“We are grateful to Harpreet who has brought this startup-company from Finland to the global main stage of health and wellness,” said Eurie Kim, General Partner, Forerunner Ventures, and Chair of the Board, Oura. “Harpreet navigated the company through these past two tumultuous years of the pandemic and successfully executed the launch of our Generation 3 ring along with the introduction of our new membership for our community. I have been an Oura user for a long time and it truly has given me the power to change my health for the better. The company is in extremely capable hands with Michael and the entire leadership team at Oura, and I have no doubt that this will be one of the most generation-defining companies of the next decade.”
This news comes on the heels of Oura’s Generation 3 launch and a strong year of growth. The company will continue to pursue its mission of empowering people to practice better health daily and partnering with leading scientific research institutions to develop clinical studies that leverage Oura’s innovative capabilities.