TiVo Inc., the company which brought the world DVR, announced last week that Tom Rogers will relinquish his position as CEO on January 31, 2016, the end of the company’s fiscal year.
According to a statement issued by the company, Rogers will continue with TiVo as non-executive Chairman of the Board of Directors as of February 1, 2016. There is currently a search underway to identify Rogers’ replacement.
The company opted to use the descriptor “relinquish,” when discussing the decision, but released no further details on how the decision came to pass.
“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 Mr. Rogers in a statement. “The Board and I agreed that this was an opportune time to seamlessly transition to a new leadership team.”
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.
“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 in a statement. “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.” TiVo’s stock price currently rests under $10.
TiVo will report its financial results at the close of the market tomorrow, Tuesday, November 24, 2015. According to the company, the executive changes are not related to TiVo’s third quarter fiscal year 2016 financial results or previously issued financial guidance for the third quarter. TiVo did release that the company will take a one-time charge in the fourth quarter related to separation costs and expenses in connection with Mr. Rogers’ departure as CEO.
It is yet to be seen if the executive change will impact the Durham office, which houses the portion of the company acquired by TiVo during the acquisition of Digitalsmiths in 2014. Digitalsmiths co-founder Ben Weinberger left the company in July. Matthew Berry, the other co-founder, now heads the Digitalsmiths office as COO.