Tom Rogers, CEO of TiVo, is to relinquish his position after nearly 11 years on January 31st 2016, the end of the company’s fiscal year. Rogers will continue with TiVo as non-executive Chairman of the Board of Directors as of February 1, 2016. TiVo’s Board of Directors has formed a search committee to identify the best internal or external candidate to lead the company.
Board member Dan Moloney has been named lead independent director. Moloney is the former president of Motorola Mobility, Inc., a leading provider of innovative technologies, products and services for the mobile and cable/wireline industries that was acquired by Google Inc. in 2011.
“TiVo is a great company today — and I have thoroughly enjoyed the challenge of turning it around and building it from its DVR roots into the leader in providing next-generation TV in the United States and around the world,” said Rogers. “With the recent successful launch of one of the best reviewed retail television products ever, the new TiVo Bolt, and notable progress in our other core businesses, the Board and I agreed that this was an opportune time to seamlessly transition to a new leadership team. At a personal level, I will welcome the reduced bicoastal travel this will entail. And as a shareholder, I look forward to continuing to serve all TiVo shareholders as non-executive chairman.”
“We are confident that Tom and TiVo’s experienced leadership team will ensure a smooth transition to a new CEO and president as Tom transitions to non-executive Chairman of the Board,” said Moloney. “We thank Tom for his countless contributions to TiVo during his time as CEO and president. The Board believes that these accomplishments aren’t fully reflected in TiVo’s stock price.”
“I want to publicly recognise the incredible team of employees at TiVo who have grown it into a company that is now in 30 countries around the world and still expanding,” stated Rogers. “TiVo today serves over 70 pay TV operators, underpinned by some of the industry’s most valuable intellectual property agreements, providing a treasure trove of unique audience data and insights. Only an incredible team could turn a company around and accomplish all that.”
TiVo will report its financial results on Tuesday, November 24th after market close. The changes announced are not related to TiVo’s third quarter fiscal year 2016 financial results or previously issued financial guidance for the third quarter. TiVo will take a one-time charge in the fourth quarter related to separation costs and expenses in connection with Rogers’ departure.