Dave Shull has been named as TiVo’s new President/CEO. Ragu Rau who has been in the CEO’s chair as temporary chief executive takes on the role as Vice Chairman of the Board of Directors. Shull comes to TiVo from The Weather Channel and has also held senior positions at Dish Network.
TiVo used the occasion to give fresh guidance for the year to analysts and investors, saying it is raising its expectations for Fiscal 2019 from those provided on May 9th 2019. The Company now expects revenue of $644 million to $660 million, up from previous range of $640 million to $654 million, and a GAAP loss before taxes of $72 million to $80 million, lowered from the previous range of a GAAP loss before taxes of $75 million to $87 million.
“We are thrilled to announce Dave Shull as Raghu’s successor,” said Jim Meyer, chairman of the Board of Directors. “In addition to Dave’s deep experience in the Pay-TV, OTT and digital media fields, he has a strong track record of driving value creating strategic outcomes and operational transformations, most recently at The Weather Channel and before that at Dish. Dave knows our industry extremely well, having been a part of it in senior executive roles for over fifteen years. He also has significant M&A experience and is the right person to lead TiVo’s separation process, which we believe will result in significant value for our stockholders.”
“I want to thank Raghu for stepping in and leading TiVo during this critical time in the company’s evolution and for the important role he will continue to play on our Board,” continued Meyer. “As Vice Chair, Raghu will provide continuity in ongoing discussions with strategic parties, continued support on TiVo’s licensing resolution strategy with Comcast, and additional support as needed in the separation of TiVo’s two businesses. Raghu’s leadership has resulted in the planned launch of three new ground-breaking products, continued growth in our licensing business and the decision on our strategic direction.”
Raghu Rau, Vice Chairperson of the Board, commented, “It has been my pleasure and an honor to lead TiVo for the last 11 months. My role was always contemplated to be an interim step, and now is the right time to transition the leadership to someone who can lead the process for TiVo’s future. The Board has worked diligently to find a CEO of Dave’s caliber who can execute on both our strategic direction and the five-pillar growth with profitability plan that we have successfully developed over the last year. I look forward to working with Dave to deliver value to our stockholders.”