Tom Rogers is stepping down as CEO of TiVo after an influential 11-year run as head of the DVR company.
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TiVo said Rogers will give up his title on Jan. 31, the end of the company's fiscal year, and will assume the role of non-executive chairman.
TiVo's board of directors has formed a search committee to find a replacement for Rogers, who joined the company in 2005 after leading publishing company Primedia.
TiVo reported a 7 percent rise in revenue for the second quarter (it reports third-quarter earnings on Nov. 24), fueled by 48 percent growth in MSO service revenue. But TiVo shares have declined from a five-year high of just over $14 each in August 2014 to just $8.70 this week.
"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," Rogers said in a statement. "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."
Added Dan Moloney, a current TiVo board member and former Motorola executive who has been simultaneously named as the lead independent director for TiVo: "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."
For more:
- read this TiVo announcement
- read this Variety story
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