TiVo CEO Tom Rogers is leave his position after nearly 11 years at the end of January, also the end of the company’s fiscal year. Rogers will continue with TiVo as non-executive chairman.
TiVo’s board 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, which was acquired by Google in 2011.
TiVo will take a one-time charge in the fourth quarter related to separation costs and expenses in connection with Rogers’ departure.
“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.”
Moloney said, “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. 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.”